分析师对信息的反应与准确度及其市场反应  

Analysts' Reaction to Information, Accuracy and Market Reactions

作　　者：肖萌[1] 

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《证券市场导报》2013年第11期71-78,共8页Securities Market Herald

基　　金：国家自然科学基金项目(编号71171170);国家自然科学基金项目(编号71090402)

摘　　要：本文使用2004~2012年分析师盈余预测数据，检验盈余公告后分析师盈余预测修正对投资者和其他分析师的活动中蕴含的信息的反应，还检验了这些分析师的准确度以及弓l发的市场反应。研究表明，在盈余公告日，回报率中越可能有信息，修正对回报率反应越强。在盈余公告后十日内，其他分析师修正越可能有信息，目标分析师修正对其他分析师修正的反应越强。对其他分析师修正中的信息更敏感的目标分析师修正的准确度更高，但gI起的市场反应并不会更强烈。Using analysts＇ earnings forecasts from 2004-2012, this study examines how analysts＇ earnings tbrecast revisions＇ impact on investors and other analysts＇ information contained in their actions after the earnings announcement date. My study also examines these analysts＂ lbrecast accuracy and market reactions afterwards. Results indicate that at the earnings announcement date analysts＇ revisions will react to stock return more when they are more likely to be informative. Within 10 days after earnings announcement, analysts＇ revisions will react to other analysts＇ revisions more when they are more likely to be informative. Furthermore, findings show that those analysts who are more sensitive to information contained in other analysts＇ revisions will be more accurate than the others. Those more accurate analysts will cause no more significant market＇s reactions than the others.

关 键 词：证券分析师 预测修正 投资者情绪 预测准确度 

分 类 号：F830.9[经济管理—金融学]