Investor Reactions to Financial Analysts' Research Reports
通过实验研究投资者对金融分析师研究报告的反应，发现反应取决于分析师特征和报告特征，对理解投资者决策有用。
The purpose of this paper is to show that investors' reactions to information in financial analysts' research reports depend on characteristics of both the analyst and the report. Much prior research has described how investors react to information from analysts in general (see Schipper [.1991] ); more recent attention has shifted to the relations among analyst type, research reports, and investors' reactions to those reports. For example, recent research has focused on how different types of analysts (Lin and McNichols [1993] and Dugar and Nathan [1993]) or characteristics of the analyst's research report (Francis and Soffer [1994]) affect investor behavior. In this paper, we extend such research by investigating whether investor behavior is jointly influenced by characteristics of the analyst and his or her report.1 We conducted an experiment in which investors were provided with background information about a company and a financial analyst's