The Research Of Stock Price Effect Of In-Depth Security Report On DEM

Study sample of this article is all in-depth research reports on GEM. Then this article apply event study approach, use multiple linear regression model, calculate by the software Eviews.As the empirical research result demonstrate,in the period of short term (t-4,t+4) and medium term(t-20,t+20), the deep research report which come from GEM have positive stock price effect as a whole.the empirical research result shows that the sample of deep research report have positive stock price effect in the medium period (-20,20) and especially match highly in the short period. In the view of classification, buy rating and overweight rating will have positive share price effect in the short and medium term, while neutral rating and underweight rating will not bring positive share price effect in the medium term or will come into being negative share price effect. Raised rating and initiate rating have positive share price effect, and downgrade will have the negative effect or bring a big fall of share prices. It is worth noting that the studys will have extremely high positive share price effect when containing two characteristics of initiate rating and buy rating at the same time, which are higher than those only with one characteristic.The empirical results of factors indicate, in the short term, significant factors have famous brokers, rating, rating changes and analysts’influence. Famous brokers, analysts’ influence have positive correlation on short-term excess return. Ratings and rating changes are negatively correlate to short-term excess returns. In the medium term, significant factors include brokerage influence, ratings, rating changes and target price, in which brokerage influence, ratings, rating changes have a negative correlation with mid-term excess return. Target price have a positive relationship with mid-term excess return...