| In recent years, the rapid development of Chinese capital market is a year to a new level. In the market of all kinds of roles, from investors to traders, from investment bankers to security investment consulting analysts, the division of labor is more and more refined and work content is becoming more and more clear. Especially with the constant improvement of the domestic market information system, the "New Wealth" Best Analysts Selection pushes the profession development, and analysts now stand at the forefront of the capital market and they have become indispensable. Security analysts, as a service role in the market, except for providing the majority of investors with valuable information, do they bring the market "additional information" because of their behavior itself? In the service for the customers at the same time, its own words and deed have causing interference to the market? In this article, through analysis of25275reports form216new "New Wealth" Best Analysts in2009-2013, on the basis of the comparison before and after they became the new stars, using factor analysis method, the four categories of impact on stock prices and asymmetric mixed panel data regression, found that analysts’ behavior, especially the "stars"’ behavior in the short term, can really bring additional noise to the market, and cause distortion of the stock pricing based on the effective information. Thus, under the assumption that the Effective Information Hypothesis was established, this paper’s conclusion made the Price Pressure Hypothesis confirmed. From the unique angle of view, this paper contributed a certain experience in the actual data to the development of the Price Pressure Hypothesis. In addition, in the course of the study, this article also found that different industries have different preference on the different factors which would affect their stock price, and this almost can be explained by Enterprise Life Cycle Theory. |
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