金工论坛第二讲

金工论坛第二讲

报告题目（Title）:  Getting feedback on your research: Evidence from analysts

时间：2018年10月31日周三，12:20-13:20

地点：对外经济贸易大学，博学楼925

主讲人（Speaker）：庄园

庄园博士，博士毕业于新加坡管理大学李光前商学院金融系，硕士毕业于中山大学。现为对外经贸大学金融学院老师。她主要研究金融市场反馈机制，实证金融，股票分析师行为，公司金融等。论文多次在国际学术会议宣讲，例如美国金融协会年会、美国金融管理协会年会等。

摘要（Abstract）：

A recent strand of literature on stock market feedback examines how agents extract information from stock prices when making decisions. This paper investigates whether analysts respond to the stock-price reaction to their most recent reports. We find evidence of learning—an analyst is more likely to issue revisions and increase total recommendation activity when there is a strong stock-price reaction to their recent recommendation changes. These feedback effects are short-lived and they also exist at the broker level—brokers with more influential recommendation changes in a month become more active in revising recommendations next month. Our results imply that short-term information in recently successful reports gets incorporated with a lag to the rest of the coverage universe. A calendar-time strategy that seeks to benefit from such predictable spillover can earn abnormal returns of up to 0.6% per month.