Artikel
Firm-specific information, analysts' superiority and investment value
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.
- Sprache
-
Englisch
- Erschienen in
-
Journal: China Journal of Accounting Research ; ISSN: 1755-3091 ; Volume: 7 ; Year: 2014 ; Issue: 4 ; Pages: 277-299 ; Amsterdam: Elsevier
- Klassifikation
-
Management
- Thema
-
Firm-specific information
Analysts' superiority
Investment value
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Li, Lu
Yang, Erjia
Xiao, Tusheng
- Ereignis
-
Veröffentlichung
- (wer)
-
Elsevier
- (wo)
-
Amsterdam
- (wann)
-
2014
- DOI
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doi:10.1016/j.cjar.2014.10.002
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Li, Lu
- Yang, Erjia
- Xiao, Tusheng
- Elsevier
Entstanden
- 2014
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