证券分析师的信息解读能力调查(1)

120054(27)[e-mail]“”231972//2200413accessibilityenablingtechnology42531996“”EDGAR“”SEDARperiodicdisclosurecontinuousdisclosureEDGAR19849241992715199342619966“”informationoverloadmaterialprice-sensitive1“”“”boundedlyrational7“”2“”incrementalinformationHealy&Palepu,20018sell-sideanalystbuy-sideanalystBoni,etal.,2002Beaver,2002“”selectivedisclosure93ratingagency—Standard&PoorMoody’s“”watchdog10124321120031994—20031156312341Beaver,WilliamH.2002.PerspectivesonRecentCapitalMarketResearch.AccountingReview,77(2),453474.2Boni,Leslie,LuisAlbertoGiorgio,andPietroMasci.2002.ConflictsofInterestFacingSecuritiesResearchAnalysts:ImplicationsforCapitalMarkets.Infrastructureand12FinancialMarketsReview,8(1),510.3Healy,PaulM.,andKrishnaG.Paul.2001.InformationAsymmetry,CorporateDisclosureandtheCapitalMarket:AReviewoftheEmpiricalDisclosureLiterature.JournalofAccounting&Economics,31,405440.42004154163520031113∗WTO11“”∗14“”215“”32080116217%90%72%345174XNN181200293200327.650%2003125%45%45%46021X231945“”32003821——203912121“”20002005115%199924.48%21222q=g(e,ε)qeε232000“”“”X12X24112“”32“”“”“”25P=RPI—XPRPIXXX261231[]G·J·/19962[]O·/199832004-342003-152004-562004-5-2872004-281998-9-2392000-527*200311*20054628282003[e-mail][e-mail]200412ISBN781084544620.003217200497200497182004101420041014192004112FDI2004112202004112220041122212004123200412322200412202004122023200412302004123024200520051122005112254%200533“”20053326200532120053212720054102005410