分析师跟踪和新上市公司股价表现研究

基于2006年至2008年6月之间新上市公司数据，考量分析师跟踪和新上市公司股价表现，结果表明，分析师对公司的跟踪越多，说明分析师看好该公司，对某公司进行跟踪的分析师数量传递了分析师对公司价值未来的预期。利用 Fama-Frcnch 三因素模型的截距项表征新上市公司超额收益，发现超额分析师跟踪越多的公司其新股超额收益越大。

Analysts Tracking and the IPOs Price Performance

Using a sample of newly listed companies between 2006 and June of 2008,we study the factors that affect analysts tracking on IPOs,thus isolating the excess analysts tracking on companies after controlling the size,industry and other factors.Our hypothesis proposes that more of the tracking indicates more analysts hold optimistic estimations on the company,hence the number of analysts who keep track delivers their future expectations for a company.Utilizing the intercept term in the Fama-French three-factor model to represent the excess return of IPO companies,we find that the larger the excess analysts tracking the greater the IPO excess returns a company earns.This is consistent with our hypothesis,and this finding also shows that,to a certain extent,analysts tracking can improve corporate governance.