中国证券分析师的羊群行为和市场反应

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1、硕士学位论文中国证券分析师的羊群行为和市场反应CHINESESECURITYANALYSTS’HERDINGBEHAVIORANDMARKETREACTION作者：王艳婷导师：张纯信教授上海交通大学上海高级金融学院二○一三年五月ChineseSecurityAnalysts’HerdingBehaviorandMarketReactionByYantingWangUndertheSupervisionofProfessorCharlesChangSubmittedinPartialFulfillmentoftheRequ

2、irementsFortheDegreeofMasterInFinanceShanghaiAdvancedInstituteofFinanceShanghaiJiaotongUniversityMay2011ContentsAbstract..............................................................................................i摘要..............................................

3、......................................................ii1.Introduction................................................................................12.DataandSampleSelection........................................................73.ForecastHerdingandAnalystChar

4、acteristics.....................133.1.ConstructionofMeasures................................................................133.1.1.HerdingForecastsandBoldForecasts......................................133.1.2.Reputation...........................................

5、......................................143.1.3.Resources...................................................................................173.1.4.Experience.................................................................................193.1.5.ForecastAccuracy..

6、...................................................................203.1.6.HardworkingandActiveness.....................................................223.2.MethodandRegressionResult........................................................234.DoesMarketDetectHerd

7、ingForecastRevisions?...............304.1.ConstructionofMeasures................................................................304.2.MethodandRegressionResult........................................................315.RobustnessTests.............................

8、..........................................335.1.AlternativeHerdingMeasure-StricterStandards...........................335.2.AlternativeHerdingMeasure-FromanAng