分析报告中的跨公司信息

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-08-29 DOI:10.1016/j.iref.2025.104499

Kotaro Miwa

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引用次数: 0

摘要

本研究探讨了分析报告中跨公司信息的重要性。当金融分析师发表关于某只股票的报告时（此处称为高亮股票），他们偶尔会对可能受报告主题和分析影响的相关股票发表评论。分析发现，当金融分析师在提及相关股票的同时积极（消极）修正目标价时，他们随后会以2-10天的滞后时间积极（消极）修正相关股票的目标价。此外，对标亮股票目标价格的修正可以预测相关股票的后续收益。最后，相关股票收益的可预测性归因于分析师对相关股票目标价的延迟修正。这些结果肯定了跨公司信息的效用，并逐渐纳入分析师的估计和相关公司的股价。

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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Cross-firm information in analyst reports

This study explores the significance of the cross-firm information in analyst reports. When financial analysts publish reports on a stock (termed the highlighted stock herein), they occasionally comment on related stocks that may be affected by the subject matter and analysis of the report. The analyses reveal that when financial analysts positively (negatively) revise their target prices while mentioning the related stock, they subsequently positively (negatively) revise the target prices of the related stock with a 2–10 day lag. Furthermore, revisions to the target prices of the highlighted stock predict the subsequent returns of related stocks. Finally, the predictability of the returns of related stocks is attributed to the delayed revision to the analysts' target prices for the related stocks. These results affirm the utility of cross-firm information and its gradual incorporation into analysts’ estimates and share prices of related firms.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.