We find that analysts are more likely to downgrade stocks when prices approach the 52-week high. The results are stronger for stocks with higher information asymmetry but moderated by analysts' reputation, work experience, and educational background. We also find a strategy that shorts stocks with recommendation downgrades is less profitable for the downgrades near 52-week high than for other downgrades. Moreover, these downgraded firms with prices near 52-week high subsequently experience relatively less negative earnings forecast revisions. These results suggest that these downgrade decisions are less likely to be information-driven and consistent with our anchoring interpretation.

我们发现，当价格接近 52 周高点时，分析师更有可能下​​调股票评级。信息不对称程度较高的股票的结果更强，但受分析师声誉、工作经验和教育背景的影响。我们还发现，在 52 周高点附近做空推荐降级股票的策略比其他降级策略的利润更低。此外，这些价格接近 52 周高点的被降级公司随后经历的负面盈利预测修正相对较少。这些结果表明，这些降级决定不太可能是信息驱动的，并且与我们的锚定解释一致。