证券咨询机构荐股行为及其市场反应的实证研究

Empirical Research on the Stock Recommendation Behaviors and Market Reaction

具备专业研究能力的证券咨询机构,是市场信息的主要供应者之一,他们在公开场合发布的股票推荐信息,在普通投资者众多的中国市场,拥有非常广泛的受众面。选取两种典型趋势行情时期的相关数据,通过描述统计和事件研究法等量化方式,检验了咨询机构荐股信息的特点、效率及市场对其反应的具体情况。

The security consultancy with professional researching capacity is main supplier of market information. The stock recommendations issued in public affect many ordinary investors in the Chinese market. This paper selects two period typical market trend data which is the statistics and quantitative methods to test stock recommendations on the characteristics,efficiency and the market response.