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The role of sentiment and stock characteristics in the translation of analysts' forecasts into recommendations

机译：情绪和股票特征在分析师预测中的作用中的作用

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The purpose of this paper is to further understanding of the determinants of analysts' translational effectiveness and, specifically, the role of stock characteristics in the impact of sentiment in the translation of analysts' forecasts into recommendations. We construct a proxy of intrinsic value of a stock based on that of Ohlson (1995), which incorporates all the information contained in the analysts' earnings forecasts. Our results show that, although analysts do translate their earnings forecast valuations into recommendations, the effectiveness of this process is reduced by investor sentiment only in highly sentiment-sensitive stocks. This suggests the degree of analyst coverage as a potential conditioner of the observable results in a market. While not totally eliminating this observed effect, the Market Abuse Directive regulation does contribute to reduce the skew between analysts' earnings forecasts and their recommendations. Finally, analysis of this effect reveals that this kind of skew enables investment strategies yielding positive risk-adjusted returns in highly sentiment-sensitive stocks, during periods of high market sentiment.
机译：本文的目的是进一步了解分析师的翻译效率的决定因素，具体而言，股票特征在分析师预测翻译中的股票特征在意见中的影响。我们根据Ohlson（1995）的股票的内在价值代理，其中包含分析师收益预测中包含的所有信息。我们的研究结果表明，虽然分析师确实将其收入预测估值转化为建议，但在高度情绪敏感的股票中，投资者情绪减少了这一进程的有效性。这表明分析师覆盖程度作为市场上可观察结果的潜在调理剂。虽然不完全消除这种观察到的效果，但市场滥用指令规定确实有助于减少分析师收益预测之间的歪斜和其建议。最后，分析这种效果揭示这种歪斜使得投资策略能够在高度思想敏感的股票中产生积极风险调整的回报，在高度市场情绪期间。

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