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The Empirical Research On The New Fortune Analyst Research Report’s Investment Value

Posted on:2015-01-08Degree:MasterType:Thesis
Country:ChinaCandidate:M D ZhangFull Text:PDF
GTID:2309330452967303Subject:Business Administration
Abstract/Summary:PDF Full Text Request
"The new wealth of the best analyst" selection is "one of the core new fortune" magazinerankings, since2003, the new wealth of international conventions for reference first launched bythe institutional investors to vote the China mainland capital market "the best analyst" has beensuccessfully held ten sessions."The new wealth of the best analyst" by security more and moreresearch institutes and large institutional investors approved, has become the industry recognized as themost authoritative securities analyst rankings, the growing influence of. The ranking to improvesecurity analysts influence, advocate "research to create value" the rationalinvestment idea, promote the healthy development of the capital market has played a positive role.New wealth analyst selection based on fairness, and open principles, the agenciesrecommended (such as institution does not participate in, accept personal name) mode, determining acandidate list; then, fill in the questionnaire was used in the evaluation subjects election vote, accordingto a certain weight to vote out parties.This selection of2007,2008,2009of the top three industries of new wealth analysts as the researchobject, study its award the following year, that is in the bull market (2009), bear market(2008), concussion city (2010) issued by the stock research report as sample data, according to the newwealth of industry selection classification method, the industry is divided into "cycle,development","public utilities" three categories from a research report rating accuracy, goal reachingdegree, the excess rate of return of three aspects of the in-depth study and analysis of theclassification discussion:"cycle","growth" and "public utilities" three different analysts groups and thereasons that cause these differences, and gives practical application of the following references:1, for the new wealth analyst to "buy" rating than stocks, about half within six months of theopportunity to appear more than5%of the increase can be used as a reference. 2, simply look at the study’s target price does not make sense, blindly buying and selling based ontarget prices for the operation is dangerous in danger. Core logic to figure out studies and keyassumptions, a good grasp of the catalyst rose, more important than simply looking at a price.3, In bull market analysts recommend a new wealth stocks generally outperformed the market can,cyclical volatility of analysts recommended stocks, suitable for aggressive types of investors; growingclass of analysts recommended stocks less volatile, for strong investor, the performance of itsportfolio in shock the city better than the other two analysts.4, In a bear market analyst wealth portfolio underperformed the market in general, is not suitable as abasis.5, the new wealth analyst gives a "sell " rating securities to be extra careful, especially from "hold "down to " sell" the evaluation of the securities, their ratings close to90%accuracy, has a very highreality guidance.
Keywords/Search Tags:new wealth analysts, research report, the stock rating, target price, the excess rate ofreturn
PDF Full Text Request
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