Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/187628 
Erscheinungsjahr: 
2014
Quellenangabe: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 7 [Issue:] 4 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2014 [Pages:] 277-299
Verlag: 
Elsevier, Amsterdam
Zusammenfassung: 
Using a sample of Chinese security analysts' recommendations from 2005 to 2010, 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.
Schlagwörter: 
Firm-specific information
Analysts' superiority
Investment value
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