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本文研究了有形信息、无形信息对分析师行为的影响。实证结果表明。分析师主要基于有形信息进行预测,股评、股评变化、盈余预测以及盈余预测变化均主要受到有形信患的影响;而无形信息对股评和股评变化的影响最显著,一定程度上验证了“过度自信”假说。进一步的研究发现,分析师对有形信息过度重视,四种预测指标均表现出对有形信息的过度反应;而股评和股评变化对无形信息的过度反应最严重,这一点满足“过度自信”假说。
This paper studies the impact of tangible and intangible information on analyst behavior. Empirical results show. Analysts mainly make forecast based on the tangible information. Share assessment, stock assessment changes, earnings forecasts and earnings forecast changes are mainly affected by tangible assets. Invisible information has the most significant impact on the stock assessment and stock reform, to a certain extent, Confidence "hypothesis. Further research shows that analysts pay too much attention to the tangible information, and all four predictors show an overreaction to the tangible information. However, the overreaction of the stock assessment and the stock assessment to the intangible information is the most serious, which satisfies hypothesis.