Who Is "Catching at Shadow" ? Institutional Investors VS Securities Analysts:An Empirical Study based on the Information Preference of Informed Investors of A-share
利用2005年第三季度至2011年第二季度的中国数据，发现证券分析师在做推荐调整或盈利预测时偏好无形信息，而机构投资者同时关注无形和有形信息，并分析了两种知情投资者的不同偏好及治理建议。
Securities analysts and institutional investors are controversial and questioned for their report scandals or poor performance during the bear market,this paper intends to explore the information preference and behavioral logic behind the infonned investors' investment decisions.Based on the research of Diniel and Titman (2006),by using the data from 2005Q3 to 2011Q2 of China,our results show that;the analysts prefer the intangible information when making recommendation adjustment or earnings forecast,while the institutional investors focus on both the intangible and tangible information.Finally,this paper analyzes and discusses the different preference between the two informed investors and gives our governance advices.