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An Empirical Study on the Ability of the Chinese Security Analysts’ Stock Recommendations

Author: JiangMin
Tutor: WuFengYun
School: Southwest Jiaotong University
Course: Amount school
Keywords: Securities analysts Stock recommendations Brokerage Independent advisory body
CLC: F830.91
Type: Master's thesis
Year: 2011
Downloads: 114
Quote: 1
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Since 19 December 1990 , the Chinese stock market has withstood 18 years of rapid development , but development is still not mature enough , still maintains the characteristics of emerging capital markets . If the market is weak -form efficiency as well as high -risk, which is the lack of rational investment LIU small investors at a disadvantage. Therefore, the market needs to be able to correctly interpret and market information to investors, securities analysts deliver their purpose of existence is to provide valuable advice to investors in order to promote market efficiency . Securities analysts recommended the stock whether they have investment value, whether they are given an independent, impartial and effective investment advice ? This that is the purpose of this study . In this paper, event study method , select \atmosphere in bull and bear stock picking ability of the securities analyst comparative analysis ; finally is working for securities companies and securities advisory body independent securities analysts comparative analysis of stock-picking ability . This article has conducted its overall recommendations , Callable city atmosphere contrast and brokerages and securities advisory body independent empirical research , the results showed that: China Securities analyst 's stock picking ability has been questioned , as recommended by the stock was recommended ago, has shown abnormal earnings , and the findings of the mature Western markets contrary , and does not have long-term investment value ; atmosphere they bear the recommended stocks gained excess returns than bull atmosphere excess returns ; brokerage agency securities analysts recommend the stock abnormal returns significantly higher than the independent advisory body . Through empirical analysis , this paper considers the China Securities analyst was not able to give investors an independent, impartial , effective recommendations , does not have the superior stock picking ability .

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Financial market > Securities market
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