Analyst’s Surname Characteristics,revision Behavior And Investor Marketing Reaction

In recent years,the research on behavioral finance has been a hot spot pursued by scholars.Cultural factors such as dialect,appearance,religion,etc.,as representatives of informal institutions,began to appear in the scope of economists’ research,and it has been proven that these factors can be used as laws and regulations.The supplement of the formal system has a certain impact on corporate behavior.Surname is a kind of cultural symbol that everyone has but is easily overlooked.In recent years,a few scholars have studied the role of surname culture in corporate governance.Securities analysts are a group with high financial expertise and literacy.They analyze the fundamentals of listed companies through field research,data mining and analysis,and finally release earnings forecasts and revision reports open to all investors.The existence of securities analysts improves the efficiency of information transmission,reduces the level of information asymmetry between investors and listed companies in the capital market,and greatly improves the operating efficiency of the capital market.For domestic and foreign scholars,it is still a "black box" for securities investors to judge whether the information provided by analysts will be affected by the analyst’s surname.This article takes the characteristics of analysts’ surnames as the starting point,and takes securities analysts’ earnings forecast revision behaviors and investor market responses as the research objects,and initially explores the role of surname characteristics in analysts’ revision behaviors and investor market responses.Other influencing factors.The research sample of this article is the earnings forecast revision data of my country’s securities analysts from 2006 to 2018.Through empirical analysis,it examines the influence of China’s unique formal characteristics on analyst earnings forecast revisions and investor market reaction.The study found that analysts’ earnings forecast revisions are positively correlated with investors’ market reaction.Analysts revise their earnings forecast upwards,which represents a greater level of optimism,and investors can capture this behavior and make decisions,which is ultimately reflected in stock prices.Investors have a preference for the characteristics of analysts’ personal surnames,which is manifested in the negative market reaction of investors to analysts’ earnings forecast revisions with unusual surnames.The results of the crosssectional analysis show that,from the perspective of investors,the individual’s rationality and professional ability will affect their judgment on the analyst’s earnings forecast revision information.If the listed company’s institutional investors hold a lower proportion of shares or have more With a large number of “retail investors”,their investors’ negative market response to analyst earnings forecast revisions is more pronounced;from the perspective of analysts’ personal characteristics,investors’ analysis of non-star analysts,analysts with lower academic qualifications,and female surnames The market response to the earnings forecast revision made by the division is stronger;from the perspective of listed companies,investors have revised information on analyst earnings forecasts for non-state-owned enterprises,large-scale companies,companies with low information transparency,and companies with high analyst attention Has a more significant market response.The revision of securities analysts’ earnings forecasts and investor market reactions have always been the focus of research by scholars at home and abroad.At the same time,in recent years,relevant studies on surname culture have continued to emerge.However,domestic research from the perspective of the characteristics of analysts’ surnames is limited to us.In cognition,this article is the first study.This article takes the characteristics of analyst surnames as the starting point.The research finds that market investors have a certain preference for the surnames of securities analysts.Investors have a significant negative reaction to the analyst earnings forecast revision information for uncommon surnames.The conclusion is helpful to enlighten the market to attach importance to the influence of cultural factors,and to understand the important supplementary role of the "invisible hands" of the informal system in the capital market,and provide a certain reference for China’s economic transformation and upgrading.