中文摘要：

基于Fama-French三因子模型求得股票价格极端变化后不同时期的异常收益率,通过引入虚拟变量考察分析师报告以及个股推荐评级内容对异常收益的影响。实证研究发现：（1）公司研究报告与个股推荐均会对价格极端变化后收益产生影响,但个股推荐的影响程度不如公司研究报告。（2）公司研究报告与个股推荐能够一定程度上分别独立影响股票价格极端变化后的收益。（3）当分析师给予不赞同价格极端变化评级或中性评级时,对价格极端变化后收益不产生额外影响,当分析师给予赞同价格极端变化评级时,对价格极端变化后收益产生额外影响。

英文摘要：

Based on Fama-French three-factor model,we calculate abnormal returns.By introducing dummy variables,we research the impact on the abnormal returns by analysts＇ reports and ratings of stock recommendations.We find that：（1）Company research reports and stock recommendations will affect the stock return after price extreme change,but the degree of impact of company research reports is more than stock recommendations.（2）Company research reports and stock recommendations have independent impact on the stock return after price extreme change.（3）When stock recommendations do not agree the direction of price extreme change,or give the neutral ratings,they do not affect the stock return after price extreme change further.While stock recommendations agree the direction of price extreme change,they affect the stock return after price extreme change further.