Using The Binomial Distribution To Analyze Analysts’ Opinions

I analyze the ratings reported by Zack’s on their website my.zacks.com. Zack’s reports opinions using the following five-point scale: 1=strong buy, 2=buy, 3=hold, 4=sell, and 5=strong sell. ... When a stock has a relatively favorable rating, we observe that the χk2 value tends to be smaller than in a case where the rating is less favorable. ................
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