신규분석 기업에 대한 애널리스트의 정보적 가치에 관한 연구

We examine the informativeness of financial analysts who are known as professionals in capital markets. Faced with regulation such as FD(Fair Disclosure), they would not produce firm-specific information but they could provide investor with industry or market information. Using analyst’s initiation of coverage data, we divide first-coverage firms(initiating coverage reports) and re-coverage firms(existing prior analyst reports) and then we investigate whether analysts provide industry or market-level information or not. The results are as follow. First, we do not find that the firm-specific information component lasts after initiation coverage by financial analysts. But market information component decreases and industry information component increases after initiation coverage. Second, we find that price synchronicity increases only first-coverage firms. But, there is no significant change in the re-coverage firms. In contrast, industry beta increases significantly both of them after coverage initiation. Our results suggest that financial analysts provide valuable information especially industry-level and they can play a positive key role in the capital markets.