主题：When Analyst Repeat, Do Investors Listen?
主讲人：赵益巍 美国朗伍德大学
主持人：张珺 暨南大学
时间：2025年6月4日（周三）上午9:00-11:00
地点：暨南大学石牌校区经济学院大楼（中惠楼）403室
摘要
The majority of earnings forecasts issued by sell-side equity analysts conclude with a reiteration of the analyst’s existing forecast for a firm. However, prior research predominantly focuses on earnings forecast revisions, often overlooking the significance of reiterations. Utilizing a comprehensive dataset of earnings forecast reiterations for S&P 100 firms during the 2006–2016 period, manually collected from Bloomberg, we examine whether these reiterations carry informational value. Our findings reveal that reiterated forecasts exhibit smaller earnings forecast errors and reduced negative biases. Furthermore, they are associated with positive stock market reactions. Firms receiving a greater number of reiterated forecasts experience stronger price reactions during both announcement and post-announcement periods. These results indicate that analyst reiterations of prior forecasts create a “reiteration effect,” consistent with a cognitive bias wherein investors perceive reiterated forecasts as more credible and truthful.
主讲人简介
赵益巍博士是朗伍德大学商学与经济学院的金融学助理教授，美国FMA，AFA会员。论文发表在Accounting and Finance, Risks等知名英文期刊上，工作论文曾在美国FMA，SWFA等大型年会上宣讲。担任Journal of Risks and Financial Management审稿人。他的主要研究兴趣包括金融分析师行为及其引发的市场反应。
欢迎感兴趣的师生参加！
校对|张珺
责编| 彭毅
初审| 刘新荣
终审发布| 何凌云
（来源：暨南大学经济学院微信公众号）
