Loss sensitive investors and positively biased analysts in Hong Kong stock market

被引：3

作者：

Choudhry, Taufiq ^{[1
]}

Dissanaike, Gishan ^{[2
]}

Jayasekera, Ranadeva ^{[3
]}

Kang, Woo-Young ^{[4
]}

Nnadi, Matthias ^{[5
]}

机构：

[1] Univ Southampton, Southampton Business Sch, Southampton SO17 1BJ, Hants, England

[2] Univ Cambridge, Cambridge Judge Business Sch, Cambridge CB2 1AG, England

[3] Trinity Coll Dublin, Coll Green, Trinity Business Sch, Dublin 2, Ireland

[4] Brunel Univ London, Dept Econ & Finance, Uxbridge UB8 3PH, Middx, England

[5] Cranfield Univ, Cranfield Sch Management, Cranfield MK43 0AL, Beds, England

来源：

REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING | 2021年 / 57卷 / 04期

关键词：

Analyst recommendation; Downgrade; Upgrade; Hong Kong Stock Exchange; Perception bias; Market sentiment;

D O I：

10.1007/s11156-021-00980-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The Hong Kong stock market is known to be highly volatile. Professional investors have a strong demand for timely information because of the infrequent nature of Hong Kong analysts' interim reports (Cheng et al., 2003). Our paper provides a comprehensive study of investor reactions to analysts' recommendations in the Hong Kong stock market from 2009 to 2014 under different sentiment scenarios. We find that analysts' recommendation upgrades and downgrades deliver significant information to the Hong Kong stock market. However, analysts' initiation coverages convey little information and bring about limited impact to the stock market. In addition, analysts' upgrades and downgrades result in significant differential price impacts in bullish and the bearish phases.

引用

页码：1345 / 1371

页数：27

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