政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/97137
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 112721/143689 (78%)
造访人次 : 49514276      在线人数 : 866
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧:
  • 您可在西文检索词汇前后加上"双引号",以获取较精准的检索结果
  • 若欲以作者姓名搜寻,建议至进阶搜寻限定作者字段,可获得较完整数据
  • 进阶搜寻
    政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 >  Item 140.119/97137


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/97137


    题名: 證券分析師是否忽略復甦企業股票?以行為觀點探究
    其它题名: Do Analysts Neglect the Recovering Stocks? From a Behavioral Perspective
    作者: 林修葳
    Lin, Hsiou-Wei W.;Wu, Ruei-Shian
    关键词: 分析師推薦;認知失調;有限注意力;反應不足
    Analyst recommendation;Cognitive dissonance;Limited attention;Underreaction
    日期: 2010-07
    上传时间: 2016-06-01 14:08:04 (UTC+8)
    摘要: 心理學文獻指出投資人處理資訊效能受認知限制所影響。本研究探討分析師是否亦受認知失調影響,以及有限的認知處理能力如何影響分析師形成投資推薦。認知失調是一種防禦機制,其避免證據與個人信念不一致時所產生的心理不適。此種認知限制可能導致分析師傾向不注意某類型證券或資訊。本研究使用負面推薦作為分析師對公司負面觀感之替代變數,發現分析師對此類公司股票之正向消息有延遲發佈的現象。本研究對分析師行為相關文獻之貢獻,在於提供分析師對過去存在負面觀感的公司股票,平均而言會有對好消息反應不足的實證證據。本研究中復甦型公司股票顯著較長的推薦保留期間與投資管理逆勢操作策略有效性結論一致。關鍵詞:分析師推薦、認知失調、有限注意力、反應不足
    Motivated by psychological evidence that cognitive constraints affect investors in processing information, this study investigates whether analysts are subject to cognitive dissonance and how limited cognitive processing power influences analysts’ issuance of investment recommendation. Cognitive dissonance is a defense mechanism to avoid psychological discomfort when the evidence is inconsistent with one’s prior perception. Such cognitive constraints may limit analysts’ attention to certain stocks or information. We use preceding unfavorable recommendations to proxy analysts’ negative perceptions and find that analysts delay their incorporating positive signals into the recommendations. This paper contributes to the analyst behavior literature by providing empirical evidence that analysts’ underreaction to new information for unfavorable category stocks is partly attributable to the cognitive dissonance. The documented significantly longer duration for the recovering stocks is consistent with the effectiveness of contrarian investment strategies. Keywords: Analyst recommendation, Cognitive dissonance, Limited attention, Underreaction.
    關聯: 會計評論, 51,1-26頁
    International Journal of Accounting Studies
    数据类型: article
    显示于类别:[會計評論] 期刊論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    51-1(p.1-26).pdf258KbAdobe PDF2365检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈