Incorporating Research Reports and Market Sentiment for Stock Excess Return Prediction: A Case of Mainland China

Table 1

Assignment of research report ratings.

Rating	Value	Rating	Value
Strong buy	1.9	Cautious overweight	1.2
Buy	1.8	Hold	1.1
Long-term buy	1.7	Neutral	1.0
Overweight	1.6	Recommended with caution	0.9
Buy with caution	1.5	Wait and see	0.8
Highly recommended	1.4	Underweight	0.7
Recommend	1.3	Sell	0.6