A Value Analysis of Consulting Information on the Investment of Securities

doi:10.16382/j.cnki.1000-5579.2003.03.017

Abstract

Abstract:

This paper makes an analysis of the value of investment consulting information from the return change of different investment decisions. Under complete information or in the condition that an investor has complete knowledge about correct ratio of an investment institution' s advice, the value of consulting information cannot be negative. Under the condition of incomplete information, if the real ratio of information is smaller than the ratio that the investor has known about the consulting institution and the real ratio cannot meet the boundary condition, the information has no value at all, but also results in the loss of the investor' s profits. The government should strengthen its regulation and management on investment consulting institutions. This will help to protect investors' interests and promote a development of the market of securities.

Key words: investment consulting service, information, value, information dissymmetry

CLC Number:

F830
F062.5

Jun-yang XI, Kun YUAN. A Value Analysis of Consulting Information on the Investment of Securities[J]. J. East China Norm. Univ. Philos. Soc. Sci, 2003, 35(3): 102-106.

Figures/Tables 3

References 9

1	Cowles , Alfred . , 1933, "Can Stock Market Forecasters Forecast?", Econometrical, paper 1.
2	Beneish M. D. . , 1991, "Stock Prices and the Dissemination of Analysts' Recommendations", The Journal of Business, Vol.64, paper 393- 416.
3	Davies P. Lloyd , Cranes M. . , 1978, "Stock Prices and the Publication of Second-Hand Information", The Journal of Business, Vol.51, paper 43- 56.
4	Liu P. , Smith S. , Syed A. . , 1990, "Stock Price Reactions to the Wall Street Journal's Securities Recommendations", Journal of Financial and Quantitative Analysis, Vol.25, paper 399- 410.
5	Womack , Kent L. . , 1996, "Do Brokerage Analysts' Recommendation Have Investment Value?", The Journal of Finance, Vol.51, paper 137- 167.
6	林翔 , 2000, 《对中国证券咨询投资机构预测的分析》, 《经济研究》第2期。, 56- 85.
7	朱宝宪、王怡凯 , 2001, 《证券媒体选股建议效果的实证分析》, 《经济研究》第4期。, 51- 57.
8	赵景文 , 2001, 《咨询信息的价值》, 《数量经济技术经济研究》 18 第2期。, 44- 46.
9	Bandyopadhyay S. P. , Brown L. D. , Richardson G. D. . , 1995, "Analysts Use of Earnings Forecasts in Predicting Stock Returns: Forecast Horizon Effects", International Jorunal of Forecasting, Vol.11, paper 429- 445.

[1]	Yun Zhang, Xia Fang, Zhenyu Yang. The Theoretical Logic and Empirical Evidence of Bank Digital Transformation Fueling the Ascend of Export Values [J]. J. East China Norm. Univ. Philos. Soc. Sci, 2025, 57(6): 145-161.
[2]	Xu Wen. From Large Industry to Large Models：A Contemporary Interpretation of Marx’s Labor Theory of Value [J]. J. East China Norm. Univ. Philos. Soc. Sci, 2025, 57(6): 55-65.
[3]	Ligang Dai. Notes on 1866 Crisis and Marx’s Theory of Fictitious Capital [J]. J. East China Norm. Univ. Philos. Soc. Sci, 2025, 57(4): 60-69.
[4]	Tianen Wang, Chenghuan Jiao. The Value Creation of Artificial Intelligence and Its Implication of Labor Value Theory [J]. J. East China Norm. Univ. Philos. Soc. Sci, 2025, 57(3): 1-7.
[5]	Han Gao, Minqi Shen, Yajie Chang. The Impact of Regional Trade Agreement Networks on Value Chain Control：A Comparison between China and the United States [J]. J. East China Norm. Univ. Philos. Soc. Sci, 2025, 57(2): 133-152.
[6]	Zhuo ZHOU, Xuan LUO. The Linkage between Goods Exports and Service Imports：A Perspective of Incomplete Contract [J]. J. East China Norm. Univ. Philos. Soc. Sci, 2025, 57(2): 153-166.
[7]	Qiang Liu. Reexamining the Poetic Value of A New Account of Tales of the World：A New Interpretation of Xie An’s “Deep Affection of Elegant Poets” [J]. J. East China Norm. Univ. Philos. Soc. Sci, 2025, 57(1): 74-85.
[8]	Jian KE, Andi YU. The Impact of Corporate Digital Responsibility on Enterprise Value：A Configuration Analysis Based on Internet Platform Enterprises [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2024, 56(5): 145-159.
[9]	Hanxiang Gao, Dingling Ye. The Renewal of Corporate ESG from the Perspective of New Quality Productivity [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2024, 56(5): 160-169.
[10]	Renyao ZHONG, Weibo MA. How to Improve the Quality of the Service for the Elderly with Cognitive Impairment under the Mode of Intelligent Health Care Service [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2024, 56(3): 164-174.
[11]	Wenming Zhang, Jiasheng Chen. On The Media Image of Rural Teachers in the National Narrative of New China：A Text Analysis Based on the Report of People’s Daily (1949-2021) [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2024, 56(2): 120-131.
[12]	Yuhui Jiang. AI，Big Data and Intensive Machine：Reconsidering Subjectivity in the Information Power Age [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2024, 56(2): 8-19.
[13]	Chen CHENG, Jin-hong DING, Gao-xiang GU, Yang TIAN. The Dual Dimensions of Mechanism and Value：Research Progress and Prospects of Population Spatial Equilibrium [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2023, 55(6): 93-104.
[14]	Hui XU, Yi SUN, Qi ZHOU, Xin-yu ZHU. A New “Brand” Story：On Value Creation Mechanism in the Rapid Internationalization Process of Digital Enterprises [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2023, 55(5): 134-153.
[15]	Hong-zhong LIU. The Development of the Global Value Chain in East Asia and the Economic Security of China from the Perspective of Dual Circulation [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2022, 54(6): 112-123.