| Abstract | 第8页 |
| 摘要 | 第9-10页 |
| Introduction | 第10-13页 |
| 1. Literature review | 第13-19页 |
| 1.1 Studies about the effect of short sale constraint | 第14页 |
| 1.2 Studies about the effect of divergence of opinions | 第14-15页 |
| 1.3 Study on short sale constraint and differences of opinions together | 第15-17页 |
| 1.4 Research on the A share market | 第17-19页 |
| 2. Measurement for differences of opinions and short sale constraint | 第19-24页 |
| 2.1 Proxies for differences of opinions | 第19-22页 |
| 2.1.1 The trading parameters | 第19-20页 |
| 2.1.2 Parameters about fundamental situation | 第20-21页 |
| 2.1.3 Analyst’s prediction | 第21-22页 |
| 2.2 Proxies for short sale constraint | 第22-23页 |
| 2.3 Definition of RELATIVE_RETURN | 第23-24页 |
| 3. Data and sample description | 第24-28页 |
| 3.1 Sample description | 第24-25页 |
| 3.2 Change of differences of opinions after the earnings announcement | 第25-28页 |
| 4. Correlation between the proxies and relative return | 第28-34页 |
| 4.1 Influence of differences of opinions and short sale constraint on relative return | 第28-31页 |
| 4.2 Impact of short sale constraint | 第31-32页 |
| 4.3 The hedge return around a longer event window | 第32-34页 |
| 5. Robust test | 第34-46页 |
| 5.1 The effect of MV and MB | 第34-37页 |
| 5.2 The effect of leverage | 第37-38页 |
| 5.3 The effect of return of momentum | 第38-42页 |
| 5.4 The effect of post-earnings announcement drift | 第42-46页 |
| Conclusion | 第46-48页 |
| Bibliography | 第48-52页 |
| Acknowledgements | 第52-53页 |
| 附件 | 第53页 |
