证券分析师会降低博彩型股票推荐评级吗?--来自我国A股市场的经验证据  

Will the Securities Analysts Downgrade the Recommended Rating of Lottery-like Stock?Empirical Evidence from Chinese A-share Stock Market?

作　　者：贾丽娜 李慧瑛 陈柃至 林晓文 JIA Li-na;LI Hui-ying;CHEN Ling-zhi;LIN Xiao-wen(School of Management,Xi’an Polytechnic University,Xi’an 710048,China)

机构地区：[1]西安工程大学管理学院,陕西西安710048

出　　处：《运筹与管理》2022年第11期179-185,共7页Operations Research and Management Science

基　　金：国家自然科学基金青年项目“基金博彩型股票交易行为的动机、收益及对市场稳定性的影响研究”(71703119);陕西省自然科学基础研究计划一般项目(2022JQ-730);陕西省软科学研究计划一般项目(2020KRM191);西安工程大学博士科研启动基金项目(BS1620)。

摘　　要：博彩型股票具有“高风险”和“高投机性”的特点。本文以博彩型股票为研究对象,检验证券分析师是否会显著下调博彩型股票的推荐评级。在此基础上,探讨了投资者对博彩型股票推荐评级做出的反应及评级后的超额收益率情况。结果表明:分析师更可能下调博彩型股票的评级,但在投资者情绪高涨时,下调的可能性有所减小;投资者对分析师的博彩型股票评级存在反应过度的情况。本文结论对于认识证券分析师在资本市场中的作用具有重要的参考价值。The lottery-like stocks have the characteristics of high risk and high speculation.This paper tests whether the securities analysts would downgrade the recommended rating of lottery-likestocks.On the basis of this,the paper discusses the investors’reaction to recommendation rating of the analysts for lottery-like stockandthe stock return after the event.The results show that,firstly the analysts are more likely to downgrade lottery-like stocks,while less likely to do so when the investors’sentiment is high;As a lot of investors do overreact to the analysts’lottery-like stock recommendation,the excess return could reduce.The conclusions of this paper have a great important reference value for better understanding the role of them in the capital market.

关 键 词：证券分析师 评级变动 博彩型股票 超额收益率 

分 类 号：F830.91[经济管理—金融学]