| 卖方分析师研究报告对股价的影响——兼论分析师行业生态; The Influence of Sell-side Analyst's Research Report on Stock Price——Concurrent Discussion of the Ecosystem of Analyst Industry | |
| 王伟峰 ; 何镇福 | |
| 2012 | |
| 关键词 | 分析师 研究报告 事件研究 Analyst Research Report Event Study |
| 英文摘要 | 本文以2010年22137份研究报告为样本,采用事件研究的方法,考察卖方分析师研究报告与股价的关系,并进一步研究行业内不同研究机构表现的差异。本文认为分析师行业整体更偏向于出具较为激进的评级,而那些著名研究机构出于自身声誉的考虑,在出具评级报告的时候更加稳健。经过进一步的分析,发现分析师的研究报告能带来超额收益率,但是仅在事件窗口内具有显著的效果,而且这种超额收益率是不可持续的。另外,著名研究机构的较为激进的研究报告之所以能取得较高超额收益率,是由其在市场中的声望以及推荐能力所导致的,本文的结果支持价格压力假说。; The article lists 22137 research reports in 2010 as samples,adopts event study method to examine the relationship between analyst's research report and stock price,and further studies the difference among distinct research institutions.The article argues that the whole analyst industry is prone to give out aggressive ratings,while the style of well-famed research institutions is much steadier,for the sake of their own reputation.After further analysis,the article finds out that research report can bring abnormal returns,but such returns only exist within the event window and are unsustainable.Besides,famous research institutions can earn much more abnormal returns due to their reputation and appeal in market.The result of this article confirms price pressure hypothesis. |
| 语种 | zh_CN |
| 内容类型 | 期刊论文 |
| 源URL | [http://dspace.xmu.edu.cn/handle/2288/115161]  |
| 专题 | 南研院－已发表论文 |
| 推荐引用方式 GB/T 7714 | 王伟峰,何镇福. 卖方分析师研究报告对股价的影响——兼论分析师行业生态, The Influence of Sell-side Analyst's Research Report on Stock Price——Concurrent Discussion of the Ecosystem of Analyst Industry[J],2012. |
| APA | 王伟峰,&何镇福.(2012).卖方分析师研究报告对股价的影响——兼论分析师行业生态.. |
| MLA | 王伟峰,et al."卖方分析师研究报告对股价的影响——兼论分析师行业生态".(2012). |
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