Firm-specific information, analysts’ superiority and investment value

• 作者: Erjia Yang Lu Li Tusheng Xiao
• 来源期刊: 中国会计学刊：英文版
• 学科: 经济
• 关键词: Firm-specific INFORMATION Analysts’ SUPERIORITY In
• 年，卷（期）: 2014,（4）
• 页码范围: 277-299
• 页数: 23页
• 分类号: F275

摘要

Using a sample of Chinese security analysts’recommendations from 2005 to2010,we examine the source of analysts’superiority and the investment value of their recommendations.Using a calendar-time portfolio approach,we find that,on average,analysts’recommendations are valuable and that analysts are better at analyzing and transferring firm-specific information than market-wide or industry-level information.In addition,we show that the investment value of recommendations increases as firm-specific information becomes more important in stock pricing.Our empirical results are useful in guiding investors and helping brokerage houses to evaluate the output of research departments.