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Do Non-recurring Gains and Losses Affect Analyst Behavior?

Author(s): Song Yifeng, Chen Zhanguang, Liang Tian, Wang Qiaowan

Citation: Song Yifeng, Chen Zhanguang, Liang Tian, Wang Qiaowan, (2020) "Do Non-recurring Gains and Losses Affect Analyst Behavior?," Journal of Management Policy and Practice, Vol. 21, Iss. 4, pp. 64-81

Article Type: Research paper

Publisher: North American Business Press


Based on a sample of A-share listed companies from 2009 to 2015, this paper studies the non-recurring gains and losses of China's unique indicators. The article finds: (1) the proportion of non-recurring profit and loss of corporate analysts tracking and reporting is relatively small, negatively correlated. (2) Companies with large non-recurring gains and losses, analysts predict more inaccurate, less optimistic deviations, larger forecast ranges. This paper has deepened the understanding of the impact of nonrecurring gains and losses on the capital market, enriching the literature on non-recurring gains and losses and analyst behavior, which is of great significance to both theory and practice.