Are The Star Analysts Selected By Wind Trustworthy?

The main job of a securities analyst is to continuously evaluate,estimate and predict the impact of information on market prices of the listed companies it follows,and to provide relevant ratings and investment recommendations.As a leader in the analyst industry,star analysts often mean that they have stronger analytical and information processing capabilities,which means they enjoy greater visibility and market influence.So is the star analyst really worthy of the name?This article takes the securities analysts who have listed on the "Wind Gold Analyst" from 2013 to 2018 as the research object,and at the same time focuses on the reports released by star analysts.The research focuses on the accuracy of the recommendation report and the market effects and influencing factors..Aiming at the influencing factors of the star analyst's profit forecast accuracy,this paper uses a combination of univariate independent sample t-test and multivariate test for research.The study found that the star analyst's forecast accuracy benefits from the environment and resources provided by the securities firm.The star analyst's prediction accuracy is higher when working with a large broker;Aiming at the market effects of star analysts' recommendations on stock recommendations,this article first uses the event research method to obtain the excess returns of the stocks tracked by the analysts,and then uses graphics and t-tests to explore and compare trends in different securities markets and different reputation analysts.Market effect situation.The research found that the star analyst's recommendation report has a strong impact on the market;star analysts tend to cater to market sentiment and are keen to pursue popular stocks;after the announcement of the recommendation report,the underlying stocks showed negative excess returns.Aiming at the market effect influencing factors of the star analyst's recommendation report,this paper uses multiple regression analysis.The researchfound that the star analyst 's rating has a significant impact on the market only in the short term,and the more negative the rating,the greater the market response;the star analyst 's reputation in the long term has a more negative market response.Based on the above research results,this article has the following suggestionsthe following suggestions: first,investors need to improve their investment quality and philosophy,they should be cautious and rational when making investment choices with reference to the forecast information provided by analysts;second,star analysts should take care of themselves "Feathers",strengthen their professional ethics,improve their professionalism and independence of research reports,avoid being affected by conflicts of interest,and not abuse their influence to disrupt the market;third,the analyst industry should strengthen self-discipline management in the industry and comprehensively Improving the working ability and compliance awareness of employees;Fourth,relevant regulatory departments should improve the rules and regulations on the supervision and governance of the securities analyst industry to guide the healthy development of the securities analyst industry.