共查询到19条相似文献，搜索用时 31 毫秒
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本文以我国证券分析师(以下简称分析师)在2005-2010年发布的研究报告为对象,研究分析师盈余预测准确性与其投资评级效率之间的关系。本文的研究方法是,按照准确性对分析师盈余预测进行分组并根据组内的投资评级构造股票投资组合,比较各投资组合的月平均超额收益率的差异。研究发现,分析师盈余预测的准确性与其投资评级的效率正相关,盈余预测准确性最高组的买入-卖空投资组合的月平均超额收益比准确性最低组高出1.997%。我们的研究结果表明,准确的盈余预测信息有助于分析师做出更有价值的投资评级,同时,研究也初步揭开了分析师工作过程的\"黑匣子\",为未来深入研究分析师行为提供了基础。 相似文献
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中美证券分析师公司研究报告之比较 总被引：2，自引：0，他引：2
我国证券分析师研究报告与国外相比无论是格式和内容都有一定差距,为提高我国证券分析师的水平,本文将“公司研究报告”进行了中美比较,分析了两者之间的重大差异,指出了我国证券分析师研究报告中存在的不足,以期为我国证券分析师改进其研究报告提供参考。 相似文献
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本文采用事件研究法考察了2004～2011年所有证券分析师的股票推荐,得到以下结论:(1)大盘趋势比荐股的市场效应重要;(2)大盘趋势通过高股价同步性和中期惯性影响个股投资价值;(3)大盘处于下跌趋势时,公开发布的买入推荐具有较多的私有信息;上涨趋势时公开发布的买入推荐具有较少的私有信息;不论处于何种趋势,卖出推荐几乎没有私有信息。 相似文献
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本文对证券分析师的两大行为（盈利预测及其修正、股票推荐）价值相关性研究文献做了综述,即关注分析师的行为是否对股价产生影响。之后,对文章整体做出了总结和评价。 相似文献
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本文利用分析师利益最大化模型全面分析了证券分析师面临的各种利益关系对其发布的研究报告质量的影响,并收集了从2007年至2010年所有证券分析师发布的盈余预测与股票评级作为样本对研究假设展开实证研究. 相似文献
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“新财富最佳分析师”评选是《新财富》杂志的核心排名之一,自2003年《新财富》借鉴国际惯例首次推出由机构投资者投票评选的中国内地资本市场“最佳分析师”至今已经成功举办了六届。“新财富最佳分析师”受到越来越多的证券研究机构及广大机构投资者的认可。已经成为业内公认的最具权威性的证券分析师排名,影响力日益扩大。 相似文献
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范美蓉 《内蒙古财经学院学报(综合版)》2012,10(1):134-138
本文通过对中国证券市场发展过程中,投资理念逐步转变为价值投资,随着中国证券市场的逐步成熟和法律监管体系的进一步完善,越来越关注企业的内在价值以赚取分红送股。本文分析了国内外上市公司投资价值的背景和重要性,从宏观背景、产业、市场和区域因素和公司情况等方面对上市公司投资价值分析的方法进行了阐述。并重点对公司情况的基本面、财务、投资收益水平、偿债能力和获利及发展水平进行了具体的投资价值的分析,以及各指标公式的使用方法。旨在帮助投资者理性分析选择,挖掘上市公司的内在价值,并能获得较理想的收益。 相似文献
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This study investigates the market's response to analyst report readability. We posit that readable reports decrease uncertainty of earnings expectations and by extension increase stock prices. Our results show that the equity market reacts more positively to readable reports and that this positive reaction is attributable to a reduction in uncertainty of future performance. Moreover, we find that the effect of readability on stock prices is significantly positive only for firms with greater R&D spending, higher bid‐ask spreads, a greater proportion of uninformed investors, and more experienced analysts, which suggests that readability matters only when information asymmetry in the equity market is high. 相似文献
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We document that the likelihood of analyst recommendations following past stock returns decreased abruptly in 2003, coinciding with the Global Settlement and other regulatory changes designed to restrain analysts’ conflicts of interest. We also document that the likelihood of recommendations following past stock returns is abnormally high for recommendations issued after negative stock returns (but not for those issued after positive stock returns), among inexperienced and inaccurate analysts, among large brokerage houses, and for companies with high share turnover. Moreover, the recommendations that are more likely to follow past stock returns are accompanied by earnings forecast revisions that are larger in magnitude and less accurate ex post. Overall, our findings suggest that analysts with conflicts of interest and limited ability are more likely to base their recommendations on past stock returns. Finally, we document that the recommendations that are more likely to follow past stock returns (especially those that were issued before 2003 and those that are issued after negative stock returns) contribute to existing price momentum by generating incrementally stronger short‐term and long‐term stock returns. 相似文献
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依据2007-2016年中国上市公司数据,考量上市公司董事会报告可读性、制度环境对证券分析师盈利预测表现的影响。结果发现：董事会报告可读性越好,分析师预测越准确,分析师预测的分歧度也越小;考虑宏观制度环境的影响,上市公司所处地区的制度环境越好,分析师盈利预测的准确度越高,分歧度越小,受到董事会报告可读性的影响越少。鉴此,应完善公司非财务信息披露和外部制度环境,从而提高分析师预测准确性,促进资源有效配置。 相似文献
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Yi Wu;Yu Flora Kuang;Gladys Lee;Kerui Zhai; 《Accounting & Finance》2024,64(2):1361-1396
We find that, compared to non-connected analysts, analysts with professional connections to a coverage firm (i.e., connected analysts) are more likely to continue covering the firm after it issues a restatement. Furthermore, connected analysts are more likely to issue pessimistic earnings forecasts and to downgrade stock recommendations for the firm after its financial restatement. Our results also reveal the costs and benefits associated with connected analysts' pessimism – a reduced market reaction to the analysts' pessimistic research on the restating firm, and a positive effect on the market's perception of the quality of the analysts' research on non-restating firms. 相似文献
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The quality of equity research by financial analysts is a prerequisite for an efficient capital market. This study investigates the quality of earnings forecasts and stock recommendations for initial public offerings (IPOs) in Germany. The empirical study includes 12,605 earnings forecasts and 6,209 stock recommendations of individual analysts for the time period from 1997 to 2004. The focus of this study is on analysing the potential conflicts of interest that arise when the analyst is affiliated with the underwriter of an IPO. In a universal banking system these conflicts of interest are usually more pronounced and therefore interesting to investigate. The empirical findings for the German financial market suggest that earnings forecasts and stock recommendations of the analysts belonging to the lead-underwriter are on average inaccurate and biased, indicating some conflicts of interest. Moreover, the stock recommendations of the analysts that are affiliated with the lead-underwriter are often too optimistic resulting in a significant long-run underperformance for the investor. In contrast, unaffiliated analysts provide better earnings forecasts and stock recommendations that result in a superior performance for the investor. 相似文献
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Using data from the Chinese A-share market in 2004–12, we show how cognitive bias of individual analysts led to counterproductive effect in less-developed financial markets. We form an ex ante measure of analysts’ expectation error, a measure suitable for markets with a short history. We find that star analysts tend to be more optimistic than ordinary analysts, and their biased opinions influence other analysts because of analyst herding behavior. Two-stage least square regression results suggest that consistent expectation errors among analysts can lead to earnings management. These insights are valuable to investors and regulators. 相似文献
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This article shows that locally aggregated analyst recommendations at the Metropolitan Statistical Area (MSA‐) or state‐level predict future locally aggregated excess returns. The results hold even after controlling for macroeconomic variables, industry and market returns, as well as investor sentiment. We also show that the local predictive ability of analyst recommendations is stronger for geographically concentrated firms. Additional analysis at the state‐level for the geographically concentrated firms reveals that locally aggregated analyst recommendations predict future local economic fundamentals. Overall, our findings suggest that analyst recommendations contain information at the MSA‐ and state‐level, and that local information content is richer for geographically concentrated firms. 相似文献
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Credit rating agencies (CRAs) have considerable privileged access to corporate management and are therefore a potentially important source of information to the equity market. We study how stock analysts incorporate bond ratings in their earnings forecasts. We develop an economic framework to explain why equity analysts might look to CRAs as an information source, especially after Regulation Fair Disclosure. Using this framework, we characterize the association between ratings changes and earnings forecast revisions surrounding these changes. We examine whether the extent to which equity analysts glean information from ratings changes is related to the extent and importance of information conveyed in the ratings change and analysts’ information uncertainty. We find that characteristics we examine are strongly related to stock analysts’ use of information in rating downgrades. 相似文献