Science and Education Publishing Journal of Finance and Economics 2328-7276 4 1 2016 3 29 R2: Information or Noise? 21 29 EN Yugang Yin School of Securities and Futures, Southwestern University of Finance and Economics, Sichuan, China Wei Chen Fei Yu Dongju Chen JFE2016413 10.12691/jfe-4-1-3 2015 10 27 2016 1 13 2016 3 27 Whether lower stock price synchronicity reflects information or noise does not have a conclusive answer yet. From the perspective of analyst following in , our empirical study reveals that, the stock price synchronicity which star analysts following is lower than that of non-star analysts, but star analysts do not own more private information about the stocks from the view of earnings forecast accuracy. Investors tend to overreact to the star analysts recommendations, and lower stock price synchronicity is due to noise but not private information revealed in these stocks. So the lower price synchronicity means noise.