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| Spokesman, Financial Analyst Coverage and Information Transparency |
| ZHOU Ze jiang,DU Xing qiang |
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Abstract As a channel of information release in listed companies, the spokesman plays an important role in some fields, such as protection of the stakeholder’s information rights and improvements of information transparency. This paper manually collects spokesman data of A-Share companies in Shenzhen Stock Exchange from 2001 to 2010, uses disclosure evaluation of Shenzhen Stock Exchange as substitution variable for information transparency, and empirically tests impacts of spokesman on financial analyst coverage and information transparency. Research results show that spokesman enhances probability and frequency of financial analyst coverage significantly; further analysis shows that spokesman has a remarkable positive impact on information transparency, but when the “financial analyst coverage” factor is controlled, the positive effect of spokesman decreases obviously, the research outcome above indicates that financial analyst is a crucial transmission mechanism for spokesman influence on
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Received: 17 April 2012
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Corresponding Authors:
ZHOU Ze jiang
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2012, Vol. 1 
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