Security Analysts' Research Report Of New Stock On The Influence In The Secondary Market Investors Opinion Divergence

Trading between investors usually due to investors opinion divergence between the buyer and the seller,the buyer is based on the information have mastered and thinks that the current stock price is low for worth the investment.But the seller based on the information have mastered,then don't think the stock is worth continue to invest,so make decisions to sell.At the same time,because the two sides highly asymmetric information,or extreme lack of information,which can also cause the buyer and seller in stock prices on the pricing of serious differences,can produce high shares traded at this time.According to the producing way of investors opinion divergence,this paper analyzes the relationship of securities analysts' research reports and investors opinion divergence from the"limited attention" and "gradual information flow" two angles empirical analyst role of the study.Gradual information flow refers to how much the amount of information on the market and the securities investors processing market information required for the reaction time is successively,two is the main reason why investors have disagreements,and ultimately reflected on the trading price of the stock.Effective attention think investors due to the limited ability and effort,attention to the information must have successively,will first focus on the most likely to be noticed.Securities analyst research can improve the ability of the weak information collection efficiency,reduce the differences of opinion due to difference ability,improve the small and medium-sized investors information disadvantage,thus protecting medium and small investors,because the halo effect of securities analyst itself again at the same time,investors will first pass over securities analyst focus on stock behind the information,so will bring investors irrational behavior in a short time.Based on the stock rate of turnover in response investors opinion divergence proxy variable,studied the securities analysts' research reports on the influence of the new shares trading turnover rate.The study found that due to the limited attention investors,research to the more the overbought,easy cause the buyer during the period of new word plate characterized by higher turnover rate,star analyst research can reduce investors also divided,in a word plate broken plate time period after the second performance to reduce the secondary market turnover rate,and low quality of research submitted to the relationship between turnover rate in the period of two was not significant,which would not reduce investors disagreements.