Is the Response of Analysts to Information Consistent with Fundamental Valuation? The Case of Intel
分析英特尔2000年9月21日新闻稿导致股价暴跌30%的事件，结合分析师报告和现金流折现模型，发现信息不足以解释跌幅，且分析师推荐与股价存在正反馈，可能加剧波动。
This paper examines the market reaction to a press release issued by Intel on Thursday, September 21, 2000. In response to that release, Intel’s stock price dropped 30%, erasing over $120 billion of shareholder wealth. By analyzing the press release in conjunction with analyst reports, and by using a discounted cash flow valuation model, I argue that the information conveyed by the announcement was not sufficient to explain the stock price drop. Surprisingly, analysts were more strongly recommending purchase of the stock in August 2000 at $75 than in September 2000 at $40. This suggests a positive feedback between stock price movements and analyst recommendations that may increase the volatility of prices.