期刊
JOURNAL OF CORPORATE FINANCE
卷 69, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.jcorpfin.2021.102033
关键词
Salient anchor; 52-week high; Analyst recommendation changes; Limited attention; Trading strategy
Analysts are more likely to downgrade stocks when prices approach the 52-week high, especially for stocks with higher information asymmetry. Shorting stocks with recommendation downgrades near the 52-week high is less profitable, and these downgraded firms subsequently experience relatively less negative earnings forecast revisions. These results suggest that the downgrade decisions near the 52-week high are less likely to be information-driven.
We find that analysts are more likely to downgrade stocks when prices approach the 52-week high. The results are stronger for stocks with higher information asymmetry but moderated by analysts' reputation, work experience, and educational background. We also find a strategy that shorts stocks with recommendation downgrades is less profitable for the downgrades near 52week high than for other downgrades. Moreover, these downgraded firms with prices near 52week high subsequently experience relatively less negative earnings forecast revisions. These results suggest that these downgrade decisions are less likely to be information-driven and consistent with our anchoring interpretation.
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