Institution Stock Recommendation Revision and Market Reaction -Evidence from China
This research focused on the effect of institutional analyst recommendation revision in China.Event study is applied for this research and two statistical approach of market model and market adjust model are used for the event.We discovered that in China, stock analyst recommendation revision has little effect on the corresponding stock.After controlling for revision directions, still there is no significant abnormal return for both sub-samples after the event.However, we both sub-sample presented market adjustment process, which indicated the market is efficient.
Invitational analyst recommendation market reaction event study abnormal return
Jing Hao Feng HE Wei Zhang Xiong Xiong
College of Management and Economics, Tianjin University, Tianjin, 300072 Institute of Finance and Development, Nankai University, Tianjin, 300074
国内会议
北京
英文
1-2
2016-10-28（万方平台首次上网日期，不代表论文的发表时间）