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| 信息规避机制 、分析师研报与信息补偿效应——基于机构投资者大宗交易的分析 |
| On Information Evasion Mechanism, Analysts’ Research Report and Information Compensation Effect——Based on the Analysis of Institutional Investors' Block Transactions |
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| DOI： |
| 中文关键词: 信息规避；分析师研报；信息补偿；投资决策；机构大宗交易 |
| 英文关键词: Information evasion; analysts’ research report; information compensation; investment decision-making; institutional block transactions |
| 基金项目: |
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| 摘要点击次数: 4112 |
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| 中文摘要: |
| 论文以机构投资者大宗交易为研究样本，基于2014-2018年研报覆盖的A股以及创业板股票数据展开研究。研究发现：机构投资者参与大宗交易的方向对研报超额收益影响具有非对称性，卖出行为在短期内有损累计超额收益，而买入行为的正向影响则需要长时间的观察。研究结果可为监管部门把握证券分析师、机构投资者和中小投资者之间的互动行为提供决策参考。 |
| 英文摘要: |
| This paper takes institutional investors’ block transactions as a research sample, and conducts research on the A-share and GEM stock data covered by the research report from 2014 to 2018. The study finds out that the direction of institutional investors’ participation in block transactions has an asymmetrical impact on the excess returns of the research reports. The selling behavior will detract from accumulated excess returns in a short term, while the positive impact of the buying behavior requires a long-term observation. The research results can provide decision-making reference for the supervising departments monitoring the interaction between securities analysts, institutional investors and small and medium investors. |
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