证券分析师会降低博彩型股票推荐评级吗？——来自我国A股市场的经验证据

doi:10.12005/orms.2022.0371

运筹与管理 ›› 2022, Vol. 31 ›› Issue (11): 179-185.DOI: 10.12005/orms.2022.0371

证券分析师会降低博彩型股票推荐评级吗？——来自我国A股市场的经验证据

贾丽娜, 李慧瑛, 陈柃至, 林晓文

西安工程大学管理学院,陕西西安 710048

收稿日期:2020-09-18 出版日期:2022-11-25 发布日期:2022-12-14
作者简介:贾丽娜,女,副教授,博士,主要从事资产定价和行为金融研究;李慧瑛,女,硕士研究生,从事博彩型股票收益的研究;陈柃至,男,硕士研究生,从事行为金融的研究;林晓文,女,特聘教授,金融博士,主要从事金融大数据与投资。
基金资助:
国家自然科学基金青年项目“基金博彩型股票交易行为的动机、收益及对市场稳定性的影响研究”(71703119);陕西省自然科学基础研究计划一般项目(2022JQ-730);陕西省软科学研究计划一般项目(2020KRM191);西安工程大学博士科研启动基金项目(BS1620)

Will the Securities Analysts Downgrade the Recommended Rating of Lottery-like Stock? Empirical Evidence from Chinese A-share Stock Market?

JIA Li-na, LI Hui-ying, CHEN Ling-zhi, LIN Xiao-wen

School of Management, Xi’an Polytechnic University, Xi’an 710048, China

Received:2020-09-18 Online:2022-11-25 Published:2022-12-14

摘要/Abstract

摘要： 博彩型股票具有“高风险”和“高投机性”的特点。本文以博彩型股票为研究对象,检验证券分析师是否会显著下调博彩型股票的推荐评级。在此基础上,探讨了投资者对博彩型股票推荐评级做出的反应及评级后的超额收益率情况。结果表明:分析师更可能下调博彩型股票的评级,但在投资者情绪高涨时,下调的可能性有所减小;投资者对分析师的博彩型股票评级存在反应过度的情况。本文结论对于认识证券分析师在资本市场中的作用具有重要的参考价值。

关键词: 证券分析师, 评级变动, 博彩型股票, 超额收益率

Abstract: The lottery-like stocks have the characteristics of high risk and high speculation. This paper tests whether the securities analysts would downgrade the recommended rating of lottery-likestocks. On the basis of this, the paper discusses the investors’ reaction to recommendation rating of the analysts for lottery-like stockandthe stock return after the event. The results show that,firstly the analysts are more likely to downgrade lottery-like stocks , while less likely to do so when the investors’ sentiment is high; As a lot of investors do overreact to the analysts’ lottery-like stock recommendation, the excess return could reduce.The conclusions of this paper have a great important reference value for better understanding the role of them in the capital market.

Key words: securities analysts, rating changes, lottery-like stock, excess return

中图分类号:

F830.91

贾丽娜, 李慧瑛, 陈柃至, 林晓文. 证券分析师会降低博彩型股票推荐评级吗？——来自我国A股市场的经验证据[J]. 运筹与管理, 2022, 31(11): 179-185.

JIA Li-na, LI Hui-ying, CHEN Ling-zhi, LIN Xiao-wen. Will the Securities Analysts Downgrade the Recommended Rating of Lottery-like Stock? Empirical Evidence from Chinese A-share Stock Market?[J]. Operations Research and Management Science, 2022, 31(11): 179-185.

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证券分析师会降低博彩型股票推荐评级吗？——来自我国A股市场的经验证据

Will the Securities Analysts Downgrade the Recommended Rating of Lottery-like Stock? Empirical Evidence from Chinese A-share Stock Market?

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