Analysts, Industries, and Price Momentum
研究分析师作为行业专家的价值，发现分析师主要通过行业内股票排序创造价值；基于行业的推荐策略能改善风险收益比并减少动量偏差，且行业回报领先于分析师评级调整。
Abstract This paper examines the value of analysts as industry specialists. We show analysts create value in their recommendations mainly through their ability to rank stocks within industries. An industry-based recommendation strategy substantially improves the return to risk ratio and reduces price momentum tilt relative to portfolios that ignore industry information. An examination of the links among analyst information, aggregated at the industry level, and industry returns and industry momentum shows that industry returns precede industry-aggregated analyst upgrades and downgrades, and the short-term industry price momentum phenomenon is partly explained by returns of firms with more analyst coverage leading those with less in that industry. Recommendation information is not valuable for predicting future relative industry returns, however.