The Impact Of Regulation Fair Disclosure On The Securities Analyst’s Market Influence

Based on the research of home and broad we analyze the impact of RegulationFD(RFD) on different interest bodies. The results show that the impact of analyst afterthe introduction of RFD in different market is different.Using the data from the main board and small and medium-sized boards inShenzhen Stock Exchange, this paper estimates the impact of analyst on dataanticipation before and after the introduction of (RFD) in different markets. Theimpact of analyst on main board goes down after the introduction of RFD. Thefluctuation range of price and deviation estimated by analyst in main market withRFD is larger than that with no RFD. However, the impact of RFD in small andmedium-sized boards is smaller. There is little difference on the estimated price anddeviation in small and medium-sized boards after the introduction of RFD. Thedistinction in the character between main board and small and medium-sized boardsexplains the difference in the impact of RFD in two markets.