Li, Lu; Yang, Erjia; Xiao, Tusheng - In: China Journal of Accounting Research 7 (2014) 4, pp. 277-299
Using a sample of Chinese security analysts' recommendations from 2005 to 2010, we examine the source of analysts' superiority and the investment value of their recommendations. Using a calendar-time portfolio approach, we find that, on average, analysts' recommendations are valuable and that...