Are Analyst Short‐Term Trade Ideas Valuable?
研究发现分析师的短期交易想法对股价有显著影响，基于未来事件的想法比基于过去信息更有效，机构投资者据此交易可获得超额收益。
ABSTRACT Short‐term trade ideas are a component of analyst research highly valued by institutional investors. Using a novel and comprehensive database, we find that trade ideas have a stock price impact at least as large as recommendation and target price changes. Trade ideas based on expectations of future events are more informative than those identifying incomplete incorporation of past information in stock prices. Analysts with better access to a firm's management produce better trade ideas. Institutional investors trade in the direction of trade ideas. Investors following trade ideas can earn significant abnormal returns, consistent with analysts possessing valuable short‐term stock‐picking skills.