Abstract

Motivated by the mixed findings in prior archival studies, this study conducts three experiments to examine the relationships among analysts’ intrinsic valuation estimates (V), stock recommendations (REC) and stock returns. Experiment 1, built on implications from prospect theory, provides direct observations on analysts’ asymmetric use of the valuation to price (V/P) ratio in making their REC. Experiments 2 and 3 indicate differences and similarities between professional and nonprofessional investors in using analysts’ V and REC in making their investment-related judgments. Our results provide implications for both research and practice.

中文翻译：

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内在估值和股票推荐的独立性——来自股票研究分析师和投资者的实验证据

摘要

受先前档案研究中混合结果的启发，本研究进行了三个实验来检验分析师的内在估值估计 (V)、股票推荐 (REC) 和股票回报之间的关系。实验 1 建立在前景理论的基础上，提供了对分析师在制定 REC 时不对称使用估值价格 (V/P) 比率的直接观察。实验 2 和 3 表明专业和非专业投资者在使用分析师的 V 和 REC 进行投资相关判断时的异同。我们的结果为研究和实践提供了启示。