Keywords
Analyst optimism
Investor attention
Submitted : 2021-05-31
Accepted : 2021-06-15
Published : 2021-06-30
Abstract
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.
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