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The impact of analyst sentiment on UK stock recommendations and target prices

The impact of analyst sentiment on UK stock recommendations and target prices

 Yukselturka, Osman.
 Routledge, Taylor & Francis , 2015.
 London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : pages 869-904. Institute of Chartered Accountants in England and Wales. English ISSN: 00014788
AccountingBusinessContent analysisAnalyst recommendationsFinancial crisisSentimentTarget price
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.
MARC
Hiển thị đầy đủ trường & trường con
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100[1 ] |a Yukselturka, Osman.
245[1 0] |a The impact of analyst sentiment on UK stock recommendations and target prices / |c Osman Yukselturka & Jon Tucker.
260[ ] |a London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : |b Routledge, Taylor & Francis , |c 2015.
300[ ] |a pages 869-904.
362[0 ] |a Vol. 45, N.6-7 (2015)
490[ ] |a Institute of Chartered Accountants in England and Wales.
520[ ] |a 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.
650[0 0] |a Accounting |v Periodicals
650[0 0] |a Business |v Periodicals.
650[1 0] |a Accounting |x Research |v Periodicals
653[0 ] |a Content analysis
653[0 ] |a Analyst recommendations
653[0 ] |a Financial crisis
653[0 ] |a Sentiment
653[0 ] |a Target price
700[1 ] |a Tucker, Jon.
773[ ] |t Accounting and Business Research. |g Volume 45, N6-7, 2015.
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