This study investigates the relationships among information uncertainty, investor sentiment, analyst reports, and stock returns in a unified framework. The effects of analyst reports on stock returns depend on the degrees of information uncertainty, indicating that recommendation upgrades (downgrades) convey more valuable positive (negative) information under higher information uncertainty. Such stock market reactions are significantly explained by investor sentiment when information uncertainty is high. Our empirical findings are robust to changes in abnormal return measures and information uncertainty proxies.

中文翻译：

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信息不确定性、投资者情绪和分析师报告

本研究在一个统一的框架内调查信息不确定性、投资者情绪、分析师报告和股票收益之间的关系。分析师报告对股票收益的影响取决于信息不确定性的程度，表明在更高的信息不确定性下，推荐升级（降级）传达了更有价值的正面（负面）信息。当信息不确定性很高时，投资者情绪可以很好地解释这种股市反应。我们的实证结果对异常回报措施和信息不确定性代理的变化是稳健的。