Financial Analyst Journal, Volume 68, Issue3, 2012

是什么驱使股票价格变动？基本面vs投资者认知度

作者：Scott Richardson (London Business School)

Richard Sloan (University of California)

Haifeng You (Hong Kong University of Science and Technology)

摘要：作者通过证明投资者认知度是股票价格变动的一个独特而重要的决定因素，从而综合并扩展了最近的研究。已实现的股票收益与投资者认知度的变化显著正相关，期望收益与投资者认知度水平显著负相关。此外，公司通过计划融资和投资决策来探究投资者认知度的变化，同时投资者认知度主导股票价格在短期内的走势，而基本面则在长期层面中占主导地位。

What Makes Stock Prices Move? Fundamentals vs. Investor Recognition

Scott Richardson (London Business School), Richard Sloan (University of California), Haifeng You (Hong Kong University of Science and Technology)

ABSTRACT

The authors synthesized and extended recent research demonstrating that investor recognition is a distinct, significant determinant of stock price movements. Realized stock returns are strongly positively related to changes in investor recognition, and expected returns are strongly negatively related to the level of investor recognition. Moreover, companies time their financing and investing decisions to exploit changes in investor recognition. Investor recognition dominates stock price movements over short horizons, whereas fundamentals dominate over longer horizons.

原文链接：

https://www.cfapubs.org/doi/abs/10.2469/faj.v68.n2.2

翻译：秦秀婷