Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/187628 
Year of Publication: 
2014
Citation: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 7 [Issue:] 4 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2014 [Pages:] 277-299
Publisher: 
Elsevier, Amsterdam
Abstract: 
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.
Subjects: 
Firm-specific information
Analysts' superiority
Investment value
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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