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| Loss Heterogeneity, Investors' Anticipation and Stock Price |
| DU Yong LIU Xing YAN Bo |
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Abstract This article studies several kinds of the losing listed companies in accordance with their loss－making nature and characteristics from the perspective of investors' anticipation. We find that the investors' anticipation to the value change of various losing listed companies is different due to the heterogeneity of losses, and there are many differences in the relationship between price and earnings information for different types of losing companies. The article classifies the losses into four types:（positive and negative） premium－loss and （positive and negative） discount－loss. The results of empirical test show that：for the positive premium－loss companies, their stock price is not only influenced by the loss information but also influenced by investors' anticipation to the returns of selling "shell", reconstruction, top management changes and other factors. For the negative premium－loss companies, the loss information has a little impact on the company's stock price, but the
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Received: 08 August 2009
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Corresponding Authors:
DU Yong
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2009, Vol. 1 
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