市場模糊與分析師預測報告對投資者的影響

The Impact of Market Ambiguity and Analyst Forecast Reports on Investors

This research examines the influence of market ambiguity and analyst forecast reports on investor reactions. Specifically, we explore both the magnitude and direction of market ambiguity and shed light on how analyst forecasts adapt in response to investor behavior. Findings show the following. 1) Analyst investment recommendations play a crucial role in influencing investors. 2) The setting of analyst target prices conveys essential messages to investors. 3) Market ambiguity has a moderating effect on analyst recommendations, weakening investor reactions. When market ambiguity is low, analyst recommendations and target price positively influence investor reactions. Conversely, under high market ambiguity, analyst recommendations and EPS forecasts have negative effects on investor responses. 4) The direction of market ambiguity significantly influences the adjustment process of analyst recommendations, target price, and EPS forecasts in response to investor behavior.