Independence of Intrinsic Valuations and Stock Recommendations – Experimental Evidence from Equity Research Analysts and Investors

IF 1.7 3区经济学 Q3 BUSINESS, FINANCE

Journal of Behavioral Finance Pub Date : 2021-07-15 DOI:10.1080/15427560.2021.1949715

Ran Barniv, Wei Li, Timothy C. Miller

引用次数: 1

Abstract

Abstract Motivated by the mixed findings in prior archival studies, this study conducts three experiments to examine the relationships among analysts’ intrinsic valuation estimates (V), stock recommendations (REC) and stock returns. Experiment 1, built on implications from prospect theory, provides direct observations on analysts’ asymmetric use of the valuation to price (V/P) ratio in making their REC. Experiments 2 and 3 indicate differences and similarities between professional and nonprofessional investors in using analysts’ V and REC in making their investment-related judgments. Our results provide implications for both research and practice.

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内在估值和股票推荐的独立性——来自股票研究分析师和投资者的实验证据

摘要基于以往文献研究的混杂结果，本研究通过三个实验，考察了分析师的内在估值估计(V)、股票推荐(REC)与股票收益之间的关系。实验1建立在前景理论的基础上，直接观察到分析师在做出投资相关判断时不对称地使用估值与价格(V/P)比率。实验2和3表明，专业投资者和非专业投资者在使用分析师的V和REC做出投资相关判断时存在异同。我们的研究结果为研究和实践提供了启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral Finance Multiple-

CiteScore

4.60

自引率

10.50%

发文量

期刊介绍： In Journal of Behavioral Finance , leaders in many fields are brought together to address the implications of current work on individual and group emotion, cognition, and action for the behavior of investment markets. They include specialists in personality, social, and clinical psychology; psychiatry; organizational behavior; accounting; marketing; sociology; anthropology; behavioral economics; finance; and the multidisciplinary study of judgment and decision making. The journal will foster debate among groups who have keen insights into the behavioral patterns of markets but have not historically published in the more traditional financial and economic journals. Further, it will stimulate new interdisciplinary research and theory that will build a body of knowledge about the psychological influences on investment market fluctuations. The most obvious benefit will be a new understanding of investment markets that can greatly improve investment decision making. Another benefit will be the opportunity for behavioral scientists to expand the scope of their studies via the use of the enormous databases that document behavior in investment markets.