摘要
对荐股信息发布后股票回报率的研究,显示分析师并没有预测股票未来走势的能力,依照他们的推荐来买卖股票不能提供超额的回报。荐股信息对投资人的投资决策有显著的影响。
The author tested a sample of stocks recommended by experts and found out that while the recommendations by experts did have substantial impact on the behaviors of the investors, the experts on average did not show the ability to identify undervalued stocks. Thus, it was impossible for investors to obtain abnormal returns on average by following the recommendations by experts.
出处
《四川大学学报（哲学社会科学版）》
CSSCI
北大核心
2003年第3期51-54,共4页
Journal of Sichuan University：Philosophy and Social Science Edition
关键词
有效市场
专家荐股
超额回报
efficient market
recommendations
abnormal returns
