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首页> 外文期刊>Journal of Business Research >Are stocks dumped or neglected by analysts' inferior investments tocovered stocks?
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Are stocks dumped or neglected by analysts' inferior investments tocovered stocks?

机译：分析师的劣质投资会抛售股票还是将其抛弃，从而覆盖股票？

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摘要

We compare the long-term stock price and operating performance of firms that are followed by analysts to those that are not over the period of 1994-2005. While analysts are skillful in identifying quality firms for coverage, the market is efficient in pricing both covered and neglected stocks such that risk-adjusted stock returns are compatible between the two groups. However, dumped stocks consistently outperform covered stocks with significant risk-adjusted returns across different market conditions and regulatory environments. Hence, investors might earn better returns by investing in dumped stocks, but the higher returns may represent compensation for greater search costs and information risk associated with investing in these stocks.
机译：我们将分析师所遵循的公司的长期股票价格和运营绩效与1994年至2005年间没有的公司进行了比较。尽管分析师熟练地确定了要覆盖的优质公司，但市场却能有效地对备案和被忽略的股票进行定价，从而使风险调整后的股票收益在两组之间是兼容的。但是，在不同的市场条件和监管环境下，倾销的股票始终表现出色，其经风险调整后的收益具有可观回报。因此，投资者可以通过投资空头股票来获得更好的回报，但是更高的回报可能代表对与这些股票投资相关的更高的搜索成本和信息风险的补偿。

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