Bucking the Trend: The Informativeness of Analyst Contrarian Recommendations
研究了分析师发布的与近期股价走势相反的建议（反向建议）的市场反应，发现其比非反向建议更具信息含量，且在公平披露规则实施前效果更强，同时反向降级建议受分析师职业顾虑影响。
This paper examines price reactions to analysts’ recommendations issued in the opposite direction of recent stock price movements. We find that upgrade and downgrade contrarian recommendations induce larger market reactions than noncontrarian recommendations, consistent with the view that they are more informative. These results are strongest in the period before Regulation Fair Disclosure, consistent with the view that private information was likely curbed after its implementation. Contrarian downgrades are more likely to be issued by all‐star analysts, but less likely by experienced and busy analysts suggesting that contrarian recommendations are subject to career concerns.