Analyst Contrarianism
研究了分析师在盈余意外或修正时发表与消息方向相反意见的逆向行为，发现约11-15%的报告存在此现象，且非顶级券商的分析师更可能做出逆向判断，这类报告引发更大市场反应，逆向分析师更易获得职业晋升。
ABSTRACT We examine a specific form of what we term analyst contrarianism. We define contrarianism as cases where an analyst expresses a summary opinion contrary to the direction of a given earnings surprise or revision. Distinct from analyst optimism or boldness, we document that analysts interpret negative (positive) earnings news in a positive (negative) light in approximately 11–15 percent of reports. We conjecture that some analysts look for opportunities to make a contrarian stock call for their clients in order to gain visibility, recognition, and career advancement. Our empirical evidence, which is supported by analyst interviews and content analysis of analyst reports, shows that: (1) analysts at non-top-tier brokerage houses are more likely to make a contrarian call, (2) analyst reports that contain contrarian opinions are associated with greater market reactions, and (3) contrarian analysts are more likely to exhibit career advancement. JEL Classifications: G41; M41.