We provide the first comprehensive analysis of the properties of investment recommendations generated by “Robo-Analysts,” which are human-analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations differ from those produced by traditional “human” research analysts across several important dimensions. First, Robo-Analysts produce a more balanced distribution of buy, hold, and sell recommendations than do human analysts and are less likely to recommend “glamour” stocks and firms with prospective investment banking business. Second, automation allows Robo-Analysts to revise their recommendations more frequently than human analysts and incorporate information from complex periodic filings. Third, while Robo-Analysts’ recommendations exhibit weak short-window return reactions, they have long-term investment value. Specifically, portfolios formed based on the buy recommendations of Robo-Analysts significantly outperform those of human analysts. Overall, our results suggest that automation in the sell-side research industry can benefit investors.

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人与机器：机器人分析师与传统研究分析师投资建议的比较

我们首次对“机器人分析师”生成的投资建议的属性进行全面分析，“机器人分析师”是人类分析师辅助的计算机程序，进行自动研究分析。我们的结果表明，Robo-Analyst 的建议与传统的“人类”研究分析师在几个重要方面提出的建议不同。首先，与人类分析师相比，机器人分析师产生的买入、持有和卖出建议分布更加均衡，并且不太可能推荐具有潜在投资银行业务的“魅力”股票和公司。其次，自动化允许机器人分析师比人类分析师更频繁地修改他们的建议，并整合来自复杂定期文件的信息。第三，虽然 Robo-Analysts 的建议表现出较弱的短期回报反应，它们具有长期的投资价值。具体而言，基于机器人分析师的购买建议形成的投资组合明显优于人类分析师的投资组合。总体而言，我们的结果表明，卖方研究行业的自动化可以使投资者受益。