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引文資料
題名:
Do Analysts Neglect the Recovering Stocks? From a Behavioral Perspective
書刊名:
會計評論
作者:
林修葳
/
吳瑞萱
作者(外文):
Lin, W. Hsiou-wei
/
Wu, Ruei-shian
出版日期:
2010
卷期:
51
頁次:
頁1-26
主題關鍵詞:
分析師推薦
;
認知失調
;
有限注意力
;
反應不足
;
Analyst recommendation
;
Cognitive dissonance
;
Limited attention
;
Underreaction
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
2
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
2
共同引用:0
點閱:29
心理學文獻指出投資人處理資訊效能受認知限制所影響。本研究探討分析師是否亦受認知失調影響,以及有限的認知處理能力如何影響分析師形成投資推薦。認知失調是一種防禦機制,其避免證據與個人信念不一致時所產生的心理不適。此種認知限制可能導致分析師傾向不注意某類型證券或資訊。本研究使用負面推薦作為分析師對公司負面觀感之替代變數,發現分析師對此類公司股票之正向消息有延遲發佈的現象。本研究對分析師行為相關文獻之貢獻,在於提供分析師對過去存在負面觀感的公司股票,平均而言會有對好消息反應不足的實證證據。本研究中復甦型公司股票顯著較長的推薦保留期間與投資管理逆勢操作策略有效性結論一致。
以文找文
Motivated by psychological evidence that cognitive constraints affect investors in processing information, this study investigates whether analysts are subject to cognitive dissonance and how limited cognitive processing power influences analysts' issuance of investment recommendation. Cognitive dissonance is a defense mechanism to avoid psychological discomfort when the evidence is inconsistent with one's prior perception. Such cognitive constraints may limit analysts' attention to certain stocks or information. We use preceding unfavorable recommendations to proxy analysts' negative perceptions and find that analysts delay their incorporating positive signals into the recommendations. This paper contributes to the analyst behavior literature by providing empirical evidence that analysts' underreaction to new information for unfavorable category stocks is partly attributable to the cognitive dissonance. The documented significantly longer duration for the recovering stocks is consistent with the effectiveness of contrarian investment strategies.
以文找文
期刊論文
1.
Hirshleifer, David、Hou, Kewei、Teoh, Siew H.、Zhang, Yinglei(2004)。Do Investors Overvalue Firms with Bloated Balance Sheets?。Journal of Accounting & Economics,38,297-331。
2.
Sohn, S.、Lys, T.(1990)。The association between revisions of financial analysts' earnings forecasts and security-price changes。Journal of Accounting & Economics,13(4),341-363。
3.
La Porta, R.(1996)。Expectations and the Cross-Section of Returns。The Journal of Finance,51,1715-1743。
4.
Peng, L.、Xiong, W.(2006)。Investor attention, overconfidence and category learning。Journal of Financial Economics,80,563-602。
5.
Cox, David R.(1972)。Regression Models and Life-Tables。Journal of the Royal Statistical Society, Series B (Methodological),34(2),187-220。
6.
Huberman, G.(2001)。Familiarity Breeds Investment。Review of Financial Studies,14(3),659-680。
7.
Francis, J.、Philbrick, D. R.(1993)。Analysts' Decisions as Products of a Multi-tast Environment。Journal of Accounting Research,31,216-230。
8.
Lin, H.、McNichols, M.(1998)。Underwriting Relationships and Analysts' Earnings Forecasts and Investment Recommendations。Journal of Accounting and Economics,25,101-127。
9.
Rajan, Raghuram G.、Servaes, Henri(1997)。Analyst Following of Initial Public Offerings。The Journal of Finance,52(2),507-529。
10.
De Bondt, Werner F. M.、Thaler, Richard H.(1990)。Do Security Analysts Overreact?。The American Economic Review,80(2),52-57。
11.
Bauman, W. Scott、Miller, Robert E.(1997)。Investor Expectations and the Performance of Value Stocks versus Growth Stocks。Journal of Portfolio Management,23(3),57-68。
12.
Barberis, Nicholas、Shleifer, Andrei、Vishny, Robert W.(1998)。A model of investor sentiment。Journal of Financial Economics,49(3),307-343。
13.
Chan, Louis K. C.、Jegadeesh, Narasimhan、Lakonishok, Josef(1996)。Momentum Strategies。Journal of Finance,51(5),1681-1713。
14.
Heckman, James Joseph(1979)。Sample Selection Bias as a Specification Error。Econometrica: Journal of the Econometric Society,47(1),153-162。
15.
Francis, Jennifer、Soffer, Leonard(1997)。The relative informativeness of analysts' stock recommendations and earnings forecast revisions。Journal of Accounting Research,35(2),193-211。
16.
Womack, Kent L.(1996)。Do Brokerage Analysts' Recommendations Have Investment Value?。The Journal of Finance,51(1),137-167。
17.
Cox, D. R.(1975)。Partial likelihood。Biometrika,62(2),269-276。
18.
Hong, Harrison、Stein, Jeremy C.(1999)。A Unified Theory of Underreaction, Momentum Trading, and Overreacton in Asset Markets。Journal of Finance,54(6),2143-2184。
19.
Abarbanell, J.(1991)。Do analysts’ forecast s incorporate information in prior stock price changes?。Journal of Accounting and Economics,14,147-165。
20.
Abarbanell, J., and V. Bernard.(1992)。Analysts’ overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior。Journal of Finance,47,1181-1207。
21.
Ali, A., A. Klein, and J. Rosenfeld.(1992)。Analysts’ use of information about permanent and transitory earnings components in forecasting annual EPS。The Accounting Review,67,183-198。
22.
Barber, B.、Odean, T.(2007)。All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors。Review of Financial Studies,21,785-818。
23.
Bernstein, R.(1993)。The earnings expectations life cycle。Financial Analysts Journal,49,90-93。
24.
Elliot, J., D. Philbrick, and C. Wiedman.(1995)。Evidence from archival data on the relation between security analysts’ forecast errors and prior forecast revisions。Contemporary Accounting Research,11,919-938。
25.
Hong, H., W. Torous, and R. Valkanov.(2007)。Do industries lead the stock market?。Journal of Financial Economics,83,367-396。
26.
Hou, K., and T. Moskowitz.(2005)。Market frictions, price delay, and the cross-section of expected returns。Review of Financial Studies,18,981-1020。
27.
Huberman, G., and T. Regev.(2001)。Contagio us speculation and a cure for cancer: A nonevent that made market prices soar。Journal of Finance,56,387-396。
28.
Irvine, P.(2004)。Analysts’ forecasts and brokerage-firm trading。The Accounting Review,79,125-149。
29.
Lee, L.(2004)。Why dog stocks had their day: Many analysts forgot that shares in weak companies can soar during a recovery。Business Week,3871,104。
30.
O’Brien, P., M. McNichols, and H. W.Lin.(2005)。Analyst impartiality and investment banking relationships。Journal of Accounting Research,43,623-650。
研究報告
1.
Corwin, S., and J. Coughenour.(2005)。Limited attention and the allocation of effort in securities trading。
2.
Della Vigna, S., and J. Pollett.(2003)。Attention, demographics, and the stock market。
3.
Hirshleifer, D., and S. H. Teoh.(2004)。Limited investor attention and earnings-related under- and over-reactions。
4.
Hirshleifer, D., and S. H. Teoh.(2005)。Limited investor attention and stock market misreactions to accounting information。
5.
Kim, C., and S. Lustgarten.(1998)。Broker-analysts’ trade-boosting incentive and their earnings forecast bias。
圖書
1.
Wicklund, R. A., and J. W. Brehm.(1976)。Perspectives on Cognitive Dissonance。Hillsdale, NJ:Lawrence Erlbaum Associates。
2.
Festinger, Leon(1957)。A Theory of Cognitive Dissonance。Stanford University Press。
3.
Kahneman, Daniel(1973)。Attention and effort。Englewood Cliffs, New Jersey:Prentice Hall。
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