Are the Analysts of China having Persistent Stock Selection Ability?
Yan Li Geng

Abstract
Fllowing the analysts is the main way of the investors’ investment activities. The investors always follow the analysts who performed well in the past. It is a key thing that whether the analysts who performed well in the past can also perform well in the future. We find that different analysts express different selection ability and the analysts who performed well in the past also perform well in the future, who performed worse in the past also perform worse in the future. The market can’t distinguish the difference of the analysts, so the investors can follow the analysts who performed well in the past to have a higher revenue.

Full Text: PDF