Loss sensitive investors and positively biased analysts in Hong Kong stock market

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dc.contributor.authorChoudhry, Taufiq
dc.contributor.authorDissanaike, Gishan
dc.contributor.authorJayasekera, Ranadeva
dc.contributor.authorKang, Woo-Young
dc.contributor.authorNnadi, Matthias
dc.date.accessioned2021-05-13T13:18:22Z
dc.date.available2021-05-13T13:18:22Z
dc.date.issued2021-04-10
dc.description.abstractThe Hong Kong stock market is known to be highly volatile. Professional investors have a strong demand for timely information because of the infrequent nature of Hong Kong analysts’ interim reports (Cheng et al., 2003). Our paper provides a comprehensive study of investor reactions to analysts’ recommendations in the Hong Kong stock market from 2009 to 2014 under different sentiment scenarios. We find that analysts’ recommendation upgrades and downgrades deliver significant information to the Hong Kong stock market. However, analysts’ initiation coverages convey little information and bring about limited impact to the stock market. In addition, analysts’ upgrades and downgrades result in significant differential price impacts in bullish and the bearish phasesen_UK
dc.identifier.citationChoudhry T, Dissanaike G, Jayasekera R, et al., (2021) Loss sensitive investors and positively biased analysts in Hong Kong stock market. Review of Quantitative Finance and Accounting, Volume 57, November 2021, pp.1345-1371.en_UK
dc.identifier.issn0924-865X
dc.identifier.urihttps://doi.org/10.1007/s11156-021-00980-7
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/16680
dc.language.isoenen_UK
dc.publisherSpringeren_UK
dc.rightsAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectAnalyst recommendationen_UK
dc.subjectHong Kong Stock Exchangeen_UK
dc.subjectPerception biasen_UK
dc.subjectMarket sentimenten_UK
dc.titleLoss sensitive investors and positively biased analysts in Hong Kong stock marketen_UK
dc.typeArticleen_UK

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