论文部分内容阅读
In order to examine the performance of security analysts covering stocks,firstly,this study proposes to construct a framework that enables extraction of analyst coverage from the news.This study furthermore sets out to undertake some preliminary investigations to recognize the predictive factors of the investment value of equity analyst recommendations.This study finds the evidence of information leakage and opportunistic behavior on average regarding the analyst recommendations.Besides,the results reveal that trading volume increases with the dispersion of publication.Finally,the results suggest that our model is generally applicable for reflecting the valuation effects of analyst recommendations with highly accurate discriminatory power and prediction qualit