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碩士 === 國立中央大學 === 企業管理學系 === 107 === Investors evaluate the performance of a portfolio manager based on security selection ability and market timing ability. We conjecture that institutional investors select Star analysts based on the same criteria. This study uses analysts' earnings forecasts...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/r5h9q8 |
| Summary: | 碩士 === 國立中央大學 === 企業管理學系 === 107 === Investors evaluate the performance of a portfolio manager based on security selection ability and market timing ability. We conjecture that institutional investors select Star analysts based on the same criteria. This study uses analysts' earnings forecasts and recommendations from 2006 to 2018 in China to investigate whether the market timing ability influences analysts to be selected as Star analysts by The New Fortune. We also investigate the performance and behavior of analysts after they become Stars. The empirical results show that market timing ability is significantly related to becoming a Star analyst. Furthermore, we find that market timing ability is significantly related to the analyst rankings of The New Fortune. However, security selection ability is not a significant determinant for the analyst rankings. After becoming Stars, the security selection abilities of Star analysts are significantly better than those of nonStars and the market timing abilities of Stars are not significantly different from those of nonStars. This study proves that market timing ability of analysts is the main factor of becoming Stars of The New Fortune.
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