摘要证券分析师对公司未来的收益进行预测,并对公司已披露的信息进行分析和补充,帮助投资者评估公司的真实价值,无论在西方成熟的资本市场还是我国这样的新兴市场,分析师都已成为资本市场不可或缺的重要组成部分(Holland and Johanson,2003,Covring and Low,2005).但事实上,分析师的报告存在偏向性,20世纪80年代后大量学术界研究表明,分析师预测普遍存在明显的乐观倾向.
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