分析师教育、经验和努力:投资者关注与认知偏差  

Analysts' Education Background, Experience and Efforts: Investor Attention and Cognitive Bias

作　　者：尹玉刚[1] 

机构地区：[1]西南财经大学证券与期货学院

出　　处：《投资研究》2014年第12期126-141,共16页Review of Investment Studies

基　　金：西南财经大学博士研究生科研课题项目<分析师特质;研究报告信息含量及投资者认知偏差>(项目编号JBK1307093)

摘　　要：本文研究分析师被评为明星分析师(文中称为"上榜")前后教育背景、工作经验和努力程度对其研究报告信息的影响以及投资者关注的变化及认知偏差。研究结果发现,上榜前后分析师的教育背景、工作经验和努力程度均与研究报告信息含量呈显著正相关,前后无显著变化;但是分析师上榜前后投资者对教育背景和工作经验的关注却发生了变化,同时该种关注均为有偏的认知。本文进一步发现投资者该种关注变化是由于分析师上榜的次数导致:相对于分析师的教育和经验,投资者更加关注分析师的上榜次数。We investigate the influence of analysts＇ education background, experience and efforts on their research information content as well as investor attention change before and after the analysts are honored as star analysts. We find that analysts＇ education background, experience and efforts are significantly positively correlated with their research information content both before and after they are honored as star analysts, but investor attentions change, and their attentions are biased. We further find that the cognitive biases generated because of the frequency of analysts honored as star analysts： investors pay more attention to how many times analysts are honored as star analysts than whether they are star analysts or not.

关 键 词：分析师 投资者关注 认知偏差 

分 类 号：F832.51[经济管理—金融学]