摘要
以2001—2016年盈余重述公司为样本,研究了分析师是否能够提前感知到信息风险从而调整股票评级。结果发现,在盈余重述前,分析师能对向上盈余错报的公司下调股票评级,然而只对错报金额较大的向下盈余错报公司做出了股票评级调整,行为调整具有不对称性。进一步研究发现这种不对称性在明星分析师的股票评级中消失,这是由于明星分析师的能力和资源比较充足,对向上和向下的盈余错报均能有效感知,从而做出行为调整。
Based on earnings restatement companies between 2001 and 2016,this paper examines whether analysts can identify information risk and adjust stock recommendation ahead of earnings restatement.The results show that before earnings restatement,analysts are able to identify the upward earnings misstatement risk and adjust the stock recommendation downward,however,they can only adjust the stock recommendation for companies that have misreported a large amount of downward earnings.The adjustment of misstatement of upwards and downward earnings is asymmetrical.Further study indicates that this asymmetry disappear in star analysts’stock recommendation.Star analysts have sufficient abilities and resources,can effectively perceive the upward and downward earnings misstatement,and make behavioral adjustment.
作者
刘建梅
程新生
LIU JianMei;CHENG XinSheng(School of Accounting, Tianjin University of Finance and Economics, Tianjin 300222;Business School, Nankai University, Tianjin 300071)
出处
《财贸研究》
CSSCI
北大核心
2020年第10期100-110,共11页
Finance and Trade Research
基金
国家自然科学基金青年项目“状态依存性、管理层披露动机与市场解读研究”(71702123)
教育部人文社会科学基金青年项目“MD&A描述性信息披露的语调研究:状态依存性、动机与市场解读”(17YJC790095)。
