We find evidence that a firm’s record earnings influence market response to earnings news. Our results show that the proximity of the firm’s earnings to its record earnings leads to investors’ underreaction following earnings announcements, exacerbating post-earnings-announcement drift. Such biased behavior is more pronounced in low-growth firms and firms with low institutional ownership. Meanwhile, analysts are not subject to this anchoring bias when a firm’s earnings are close to its record earnings. Overall, we find that a firm’s record earnings play an important role as an anchor when market participants evaluate the firm’s earnings news.

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创纪录的收益会影响市场对收益新闻的反应吗？

我们发现有证据表明公司创纪录的收益会影响市场对收益新闻的反应。我们的结果表明，公司收益与其创纪录收益的接近导致投资者在收益公告后反应不足，加剧了收益公告后的漂移。这种有偏见的行为在低增长公司和低机构所有权的公司中更为明显。同时，当一家公司的收益接近其创纪录的收益时，分析师不会受到这种锚定偏差的影响。总的来说，我们发现，当市场参与者评估公司的盈利新闻时，公司创纪录的盈利起着重要的作用。