Information Competition VS.Information Complement;an Empirical Evidences from the Chinese Securities Analysts
利用2003-2009年A股分析师预测数据，研究发现盈余公告前一周信息竞争占主导，公告后一周信息互补占主导，且企业信息风险高时分析师减少信息互补动机。
Securities analysts,as an important market intermediary,have led to academic attention.Based on the analyst's forecast data of A-share from 2003 to 2009,the paper discusses the relationship between the information content of earning announcement and the information content of analyst research.Using the market reaction as the information content,the paper finds out:(1) Information competition dominates in the week before earning announcement,and information complement dominates in the week after earning announcement.(2 ) In addition,we examine the relationship between the information risk and market function of securities analyst. The result suggests that when the enterprise's information risk is higher,the analyst will reduce the motivation to the information complement.