| 讲座简介： | By aggregating tones from analyst reports, we introduce a market-level analyst sentiment index to assess investor sentiment. As investor sentiment escalates, analyst sentiment tends to align, often endorsing rather than challenging investor optimism. Notably, our index is potentially more adept at capturing variations in investor sentiment in recent years, compared to traditional indices which exhibit minimal variation over time. Moreover, our analyst sentiment index inversely predicts stock market returns, outperforming conventional sentiment indices in terms of predictive capability. Essentially, analyst sentiment offers a unique and valuable lens for evaluating investor sentiment. |
