Investor target prices

被引：4

作者：

Huang, Shiyang ^{[1
]}

Liu, Xin ^{[2
]}

Yin, Chengxi ^{[3
]}

机构：

[1] Univ Hong Kong, Fac Business & Econ, Pokfulam, Hong Kong, Peoples R China

[2] Univ Bath, Sch Management, Bath BA2 7AY, Avon, England

[3] Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China

来源：

JOURNAL OF EMPIRICAL FINANCE | 2019年 / 54卷

基金：

中国国家自然科学基金;

关键词：

Investor target price; Fraction of satisfied investors; Price drift; Forward-looking anchor; Delayed adjustment; CROSS-SECTION; INDUSTRY INFORMATION; PROSPECT-THEORY; ANALYST; RISK; RETURNS; UNDERREACTION; ATTENTION; TRADES; DRIFT;

D O I：

10.1016/j.jempfin.2019.07.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We argue that investors have target prices as anchors for the stocks that they own; once a stock exceeds target prices, investors are satisfied and more likely to sell the stock. This increased selling can generate a price drift after good news. Consistent with our argument, using analyst-target-price forecasts as a proxy, we provide evidence that the fraction of satisfied investors generates the post-earnings-announcement drift, and stocks with a high fraction of satisfied investors experience stronger selling around announcements. This pattern is stronger for stocks with low institutional ownership and high uncertainty.

引用

页码：39 / 57

页数：19

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