Open AccessInvestor Attention, Analyst Optimism, and Stock Price Crash Risk
Author(s) -
Shuke Shi
Publication year - 2021
Publication title -
proceedings of business and economic studies
Language(s) - English
Resource type - Journals
eISSN - 2209-265X
pISSN - 2209-2641
DOI - 10.26689/pbes.v4i3.2200
Subject(s) - optimism , stock price , stock (firearms) , crash , business , financial economics , actuarial science , monetary economics , economics , econometrics , psychology , social psychology , computer science , engineering , mechanical engineering , paleontology , series (stratigraphy) , biology , programming language
This paper used the A-shares listed companies in China as samples, constructed a comprehensive indicator of investor attention, and conducted an empirical analysis on the correlations among investor attention, analyst optimism, and stock price crash risk. The results indicated that investor attention aggravates the stock price crash risk and has a positive effect on analyst optimism. Meanwhile, the analyst optimism plays a mediating role in the positive correlation between investor attention and stock price crash risk. In addition to that, institutional investor attention also has direct and indirect effects on the crash risk.