Abstract
China has an immature stock market. The typical features of an emerging market may have impaired investors' confidence in Chinese financial analysts. We investigate the association between institutional investors' ownership holding changes and financial analysts' earnings forecast revisions. Results show that there is no significant relationship between them, which suggests that institutional investors do not adopt financial analysts' earnings forecasts when making investment decisions. The result supports the view that sophisticated Chinese institutional investors do not respond to Chinese financial analysts' reports due to lack of trust.
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