股吧投資專家對分析師停止追蹤影響之探究

Abstract

近年來，隨著網路的普及，投資專家在網路投資平台所發表的意見逐漸受到投資者的重視。對於分析師而言，形成一定程度的壓力。當具有影響力的股吧投資專家開始追蹤一家公司時，他們可能會影響分析師繼續追蹤該公司的決定。本研究檢視當具有影響力的股吧投資專家開始追蹤一家公司，對於發佈不同相對盈餘預測偏頗、能力和產業經驗的分析師停止追蹤該公司之影響。實證結果顯示，當具有影響力的股吧投資專家開始追蹤一家公司時，能力較低或產業經驗較短的分析師較可能停止追蹤該公司。實證結果亦顯示，當具有影響力的股吧投資專家開始追蹤一家公司時，最初發布樂觀偏頗盈餘預測的分析師並未顯著較可能停止追蹤該公司。

In recent years, with the popularization of the Internet, investment experts’ opinions on online investment platforms have gradually been valued by investors. For analysts, it creates a certain level of pressure. When influential Gub investment experts start following a firm, they may influence the analysts’ decision to keep tracking the company. This study investigates the impact of influential Gub investment experts who start following a firm on the drop decisions of analysts with different relative earnings forecast biases, ability, and industry experiences.The empirical results demonstrate that when influential Gub investment experts start following a firm, analysts with low ability or short industry experience are likelier to stop covering the firm. The empirical results also present that when influential Gub investment experts start following a firm, analysts who initially issued optimistic and biased earnings forecasts are not significantly likelier to drop the firm.