关键词: 分析师关注, 高管交易, 信息不对称

Abstract:

Analysts play an important role of public information explanation and private information mining in the capital market.However，the possibility of collusion between the analysts and the company executives makes their dependence in doubt.This paper uses the window event method to study whether analysts focus can make a constraining effect on executives' trading behavior.The results show that the analysts' focus effectively restrains the timing ability and the actual profitability of executives' trading and significantly reduce the excess returns of the short-term trading and long-term trading of the executives.Group research shows that the constraint effect of analysts focus in the short-term is mainly achieved through the containment of relatives to achieve profitable trading，whereas in the long-term is mainly achieved through the containment of executives themselves to profit.Therefore，the analysts can promote the internal and external information flow in the companies，which can reduce the speculative behavior of executives，reduce information asymmetry and protect the rights and interests of small investors.

Key words: analyst following, insider trading, information asymmetry