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5215本文基于行为金融学的视角，研究了有限套利对分析师盈利预测精度的影响，并考察了有限套利与投资者情绪的交互效应以及不同分析师群体受上述效应影响的差异。研究发现：首先，上市公司在市场中受到的套利限制会显著降低分析师的盈利预测精度，而且这种影响并不能由理性因素（机构持股、佣金关系、声誉机制等利益冲突因素）和情绪因素所解释。其次，分析师套利限制不仅独立地影响分析师的预测精度，而且还会加剧情绪因素的影响，进一步降低分析师盈利预测精度。最后，无论是明星分析师、大券商分析师还是独立性较强的分析师均无法显著降低套利限制的影响，但大券商分析师则可以降低套利限制对情绪因素的加剧效应。本文的研究结论有助于从有限理性和有限套利相结合的角度去解释分析师盈利预测偏差的形成过程，拓宽了关于分析师盈利预测精度影响因素的认识。
有限套利、投资者情绪与分析师盈利预测精度
摘要
参考文献
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引用本文
张超, 伍燕然, 苏凇, 等. 有限套利、投资者情绪与分析师盈利预测精度[J]. 外国经济与管理, 2021, 43(12): 118-134.
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