| 投资者异质信念与证券市场盈余公告效应研究 |
 点此下载全文 |
| 引用本文：周晖，朱党辉.投资者异质信念与证券市场盈余公告效应研究[J].湖南大学学报社会科学版,2014,(1):71-78 |
| 摘要点击次数: 1203 |
| 全文下载次数: 75 |
|
|
| 中文摘要:盈余公告效应异象在各国资本市场普遍存在，行为金融理论中的投资者异质信念视角能较好地解释该异象。实证结果表明：投资者异质信念与盈余公告前后短期内累积超额收益率显著正相关，与盈余公告后长期累积超额收益率显著负相关；其中，低盈余质量强化了这种负向影响。投资者异质信念程度越大、盈余质量越低，长期累积超额收益率越小。 |
| 中文关键词:投资者异质信念 盈余公告效应 盈余质量 |
| |
| A Study of Investors Heterogeneous Beliefs and the Post-Earnings Announcement Drift in the Securities Market |
|
|
| Abstract:Post-earnings announcement drift is very commom on countries capital markets.The heterogeneous beliefs can explan this anomaly preferably. The empirical test results show that there is a significant positive(negative) correlation between investors heterogeneous beliefs and cumulative abnormal return short-term around (long-term after) the earnings announcement,and the low earnings quality may strengthen this negative impact.With greater heterogeneous beliefs and lower earnings information quality, the long-term cumulative abnormal return will be smaller. |
| keywords:heterogeneous beliefs post-earnings announcement drift earnings quality |
| 查看全文 查看/发表评论 下载pdf阅读器 |
