摘要
本文利用中国股票市场的历史数据 ,对被证券咨询机构推荐的股票在被推荐前后的收益率变化情况进行了实证分析 ,并得出了两条主要结论 :1 .证券咨询机构推荐的股票收益率存在明显的过度反应现象 ,而证券咨询机构的选股建议恰恰加重了这一过度反应现象。 2 .证券咨询机构推荐的股票中庄股所占的比例较大 ,对庄股的正确把握使得证券咨询机构的选股建议具有一定的投资价值。此外本文对上述现象提出了 3种不同的解释。
Using the history data of Chinese stock market,we study the returns of stocks which were recommended by stock analyst.Basing on the empirical result,we can get the following conclusions.First,the stocks which were recommmended over-react to information obviously,and the recommendation just aggravate the over-reactions.Second,most stocks recommended were dominated by some institutional investor,and these stocks have higher returns than the other stocks.Then we put forward three possible explanations for these phenomena.
