- Bài trích
- Nhan đề: The impact of analyst sentiment on UK stock recommendations and target prices /
|
Tác giả CN
| Yukselturka, Osman. | |
Nhan đề
| The impact of analyst sentiment on UK stock recommendations and target prices / Osman Yukselturka & Jon Tucker. | |
Thông tin xuất bản
| London, Institute of Chartered Accountants in England and Wales] Abingdon, UK :Routledge, Taylor & Francis ,2015. | |
Mô tả vật lý
| pages 869-904. | |
Tùng thư
| Institute of Chartered Accountants in England and Wales. | |
Tóm tắt
| The aim of this paper is to investigate the relationship between narrative sentiment in analysts company reports and their recommendation and target price outputs. We study an industry-balanced sample of 275 UK quoted company sell-side analyst reports over the period 2006–2010 using a content analysis methodology to measure net sentiment for a range of themes. We then model analysts outputs against themed sentiment scores to analyse the impact of the Global Financial Crisis. We find that themed sentiments impact upon analysts outputs, but their magnitude and direction vary over the pre-crisis, crisis and post-crisis periods. In particular, before the crisis we find a strong negative relationship between the macroeconomic and regulatory environment and report outputs, though this effect diminishes somewhat with the onset of the crisis, to be restored thereafter. Growth sentiment exerts a weak positive impact before the crisis which disappears thereafter. Financial performance sentiment becomes a significant positive driver of outputs following the crisis. There is evidently a “back to basics” approach following the crisis which restores financial fundamentals to the heart of stock analysis. Our findings provide some insight into the thought processes of analysts by identifying the dynamic relation between analysts outputs and themed sentiments. | |
Thuật ngữ chủ đề
| Accounting-Periodicals | |
Thuật ngữ chủ đề
| Business-Periodicals. | |
Thuật ngữ chủ đề
| Accounting-Research-Periodicals | |
Từ khóa tự do
| Content analysis | |
Từ khóa tự do
| Analyst recommendations | |
Từ khóa tự do
| Financial crisis | |
Từ khóa tự do
| Sentiment | |
Từ khóa tự do
| Target price | |
Tác giả(bs) CN
| Tucker, Jon. | |
Nguồn trích
| Accounting and Business Research.- Volume 45, N6-7, 2015. |
| |
000
| 00000cab a2200000 a 4500 |
|---|
| 001 | 37490 |
|---|
| 002 | 2 |
|---|
| 004 | 47954 |
|---|
| 008 | 160304s2015 enk eng |
|---|
| 009 | 1 0 |
|---|
| 022 | |a00014788 |
|---|
| 035 | |a1456363613 |
|---|
| 039 | |a20241208231845|bidtocn|c20160304105212|dngant|y20160304105212|zsvtt |
|---|
| 041 | 0 |aeng |
|---|
| 044 | |aenk |
|---|
| 100 | 1 |aYukselturka, Osman. |
|---|
| 245 | 10|aThe impact of analyst sentiment on UK stock recommendations and target prices /|cOsman Yukselturka & Jon Tucker. |
|---|
| 260 | |aLondon, Institute of Chartered Accountants in England and Wales] Abingdon, UK :|bRoutledge, Taylor & Francis ,|c2015. |
|---|
| 300 | |apages 869-904. |
|---|
| 362 | 0 |aVol. 45, N.6-7 (2015) |
|---|
| 490 | |aInstitute of Chartered Accountants in England and Wales. |
|---|
| 520 | |aThe aim of this paper is to investigate the relationship between narrative sentiment in analysts company reports and their recommendation and target price outputs. We study an industry-balanced sample of 275 UK quoted company sell-side analyst reports over the period 2006–2010 using a content analysis methodology to measure net sentiment for a range of themes. We then model analysts outputs against themed sentiment scores to analyse the impact of the Global Financial Crisis. We find that themed sentiments impact upon analysts outputs, but their magnitude and direction vary over the pre-crisis, crisis and post-crisis periods. In particular, before the crisis we find a strong negative relationship between the macroeconomic and regulatory environment and report outputs, though this effect diminishes somewhat with the onset of the crisis, to be restored thereafter. Growth sentiment exerts a weak positive impact before the crisis which disappears thereafter. Financial performance sentiment becomes a significant positive driver of outputs following the crisis. There is evidently a “back to basics” approach following the crisis which restores financial fundamentals to the heart of stock analysis. Our findings provide some insight into the thought processes of analysts by identifying the dynamic relation between analysts outputs and themed sentiments. |
|---|
| 650 | 00|aAccounting|vPeriodicals |
|---|
| 650 | 00|aBusiness|vPeriodicals. |
|---|
| 650 | 10|aAccounting|xResearch|vPeriodicals |
|---|
| 653 | 0 |aContent analysis |
|---|
| 653 | 0 |aAnalyst recommendations |
|---|
| 653 | 0 |aFinancial crisis |
|---|
| 653 | 0 |aSentiment |
|---|
| 653 | 0 |aTarget price |
|---|
| 700 | 1 |aTucker, Jon. |
|---|
| 773 | |tAccounting and Business Research.|gVolume 45, N6-7, 2015. |
|---|
| 890 | |a0|b0|c0|d0 |
|---|
| |
Không tìm thấy biểu ghi nào
Không có liên kết tài liệu số nào
|
|
|
|