A Study On The Response Of Market Stock Prices To Analysts' Reports Under The Sino-US Trade War

The securities analyst acts as a "transit station" for information.It captures market information and uses multiple disciplines such as investment science to evaluate the value of the underlying stock investment.Based on the difference between the reasonable price(target price)of the stock and the current actual price,a corresponding "buy" "Or" Sell "suggestions.The research report issued by the analyst has a guiding role in the market,and investors buy and sell stocks based on the research report information in order to obtain excess returns.Therefore,the research report will affect the market and have an impact on the stock price.Since March 23,2018,Sino-US trade friction has continued to escalate.The domestic capital market has been significantly affected,and some investors have begun to question the reliability of the research report.In the current environment,is the ability of research reports to affect stock prices different than in the past? Can research reports help investment decisions? What indicators do you focus on to get excess returns? Based on this,this paper uses 27,449 research report samples to study the excess returns AR and cumulative excess return CAR of the analyst during the research report event period.The purpose is to discover the information content of the analyst research report and explore the market's response to the research report.Based on this,find out indicators that can help investors get excess returns.This paper finds that in the past two years of 18 and 19,(1)there is a significant difference between the averages of the research report “buy” and “maintain”;(2)the research report that discloses the target price cannot get more than the undisclosed research report The market has paid more attention to whether the stock price is likely to rise or fall;(3)Star analysts tend to issue high-grade ratings and have significant optimism about the future price of the stock.(4)During the trade war,the market had a significant negative reaction to the research report released by the new wealth researcher,and the market also had a negative sentiment towards the research institutes ranked between 11 and 15.(5)In addition,this paper starts from the quantitative factor of the research report.During this particular window period,the market shows that: buying and selling stocks based on the number of research reports classified by the New Wealth / Institute Rankings cannot obtain regular excess returns.The decline in the number of research reports is the strongest response.The in-depth research report did not gain more trust from the market,and the market as a whole responded weakly to the number of research reports.On the other hand,this paper compares the period of the Sino-US trade war with the 12943 reports of the past year under the background of China's stock market being affected by Trump's China trade policy in the two years of 2018 and 2019.From the perspective of cumulative excess returns,the significance of factor impact,industry performance,and the number of research reports issued on the same day,the market's true attitude towards this particular window period is explored from a rational perspective.According to the summary,during the window period,the market's response level to the research reports released by the researchers is not weaker than in the past,and the researchers in the China-US trade period have more influence in the short term.During the Sino-US trade period,the future trend of the stock price(expected space)has the same effect on the market as before,but the new wealth analysts have reduced the market appeal,and the ratings issued by researchers have more influence;the number of research positive ratings has relatively decreased.Regarding the quantity and information content of research reports on the same day,the market paid attention to different factors in different periods.One year before the trade war,the market was more concerned about the rise or fall of stocks;during the trade war,the market was more concerned about the possibility of stocks falling in the future.During the Sino-U.S.Trade war,the research report issued by researchers was still professional.Based on the continuation of the existing research,this paper expands the influential factors of the research report,which has certain enlightenment significance.Use the market's response to the correlation and significance of some factors to enrich the investment indicators that investors,especially individual investors can refer to.I hope that investors can learn from the past in the "future" and obtain better results by observing related value indicators.Short-term gains.This paper also provides some "proof" for the researcher's business level.The impact of the research report on stock prices is not as negative as the current market trend.