Earticle

초록

영어

This study examines the effects of investor sentiment and information uncertainty on the stock market response to analyst recommendation changes within a unified framework. Recent progress in the field of behavioral finance suggests that sentiment affects the classical relationship between analyst recommendations and stock return dynamics. Our novel findings suggest that the degree of information uncertainty should be considered when investigating the effect of sentiment. Although investor sentiment significantly explains the observed stock market reactions to analyst recommendation changes under high information uncertainty, it loses its explanatory power under low information uncertainty. Furthermore, analyst recommendations convey significant trading indications if information uncertainty is high, but they are less informative if information uncertainty is low.

목차

Acknowledgment
Highlight
Abstract
1. Introduction
2. Related Literature and Research Hypotheses
3. Sample Data and Methodology
3.1 Analyst recommendation changes
3.2 Investor sentiment
3.3 Information uncertainty
3.4 Methodology
4. Empirical Results
4.1 Analyst recommendation changes and information uncertainty
4.2 Sentiment effect versus information uncertainty
4.3 Robustness checks
5. Conclusion
Reference

키워드

저자

• Karam Kim [ College of Economics, Sungkyunkwan University, Seoul, Korea ]
• Doojin Ryu [ College of Economics, Sungkyunkwan University, Seoul, Korea ] Corresponding Author
• Heejin Yang [ Department of Global Economics and Commerce, Dongguk University Gyeongju Campus, Gyeongsangbuk-do, Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330