The Effect of 52 Week Highs and Lows on Analyst Stock Recommendations

Mei-Chen Lin
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引用次数: 10

Abstract

In this study, I examine whether analysts use the 52 week high and low as reference prices for recommendation revisions. My results show that the proximity and recency of the 52 week high increase the odds of stocks being upgraded. When analysts upgrade a stock whose 52 week high occurred in the distant past, they provide more valuable information to investors than that based on the proximity ratio of the 52 week high. More‐experienced analysts provide more valuable recommendations when they upgrade (downgrade) based on either the nearness or recency of the 52 week high (low) than less‐experienced analysts do.
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52周高点和低点对分析师股票推荐的影响
在本研究中,我考察了分析师是否使用52周的最高价和最低价作为建议修订的参考价格。我的研究结果显示,接近52周高点的时间和时间增加了股票被升级的几率。当分析师升级一只52周高点发生在遥远过去的股票时,他们向投资者提供的信息比基于52周高点的接近率的信息更有价值。与经验不足的分析师相比,经验丰富的分析师在基于52周高点(低点)的接近度或近期进行升级(降级)时,会提供更有价值的建议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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