Researches on financial analysts are hot for recent decades. Most of them surrounded over the information in financial analyst reports. However, former researches mostly relied on human work and were limited to the size of empirical data set. With the highly developed computing technology nowadays, we could process much more data faster and smarter than before. In this thesis, we conducted the work with the help of computers instead of human during the handling of report data. The key target is to find out whether or not there is an association between financial analyst stock recommendation reports and market abnormal returns based on the evidence in China. Also with these data and the super calculation capacity, we would like to figure out the best analysts. Based on the fact t...[ Read more ]

Researches on financial analysts are hot for recent decades. Most of them surrounded over the information in financial analyst reports. However, former researches mostly relied on human work and were limited to the size of empirical data set. With the highly developed computing technology nowadays, we could process much more data faster and smarter than before. In this thesis, we conducted the work with the help of computers instead of human during the handling of report data. The key target is to find out whether or not there is an association between financial analyst stock recommendation reports and market abnormal returns based on the evidence in China. Also with these data and the super calculation capacity, we would like to figure out the best analysts. Based on the fact that a lot of clients are using the financial analyst reports as references during investments and decision making, this work is believed to be helpful not only in the performance evaluation, but also the forecasting of future belief. Further, the continuity of analysts’ good performance also would provide a reference for some ranking agencies. As in academic, we also verified some conclusions in prior work with this large data set from mainland China.