Note(s): This table shows the summary statistics of the analyst reports from 2016 to 2018, along with the recommendation. Panel A shows the process of confirming the sample by filtering the analyst report. According to the recommendation of the analyst, the report was divided into five ranges: sell, underweight, neutral, buy and strong buy, and the following values were arbitrarily assigned to each category. Sell = 1, Underweight = 2, Neutral = 3, Buy = 4, Strong Buy = 5. Recommendation change (ΔREC) is the recommendation value of an analyst report of a specific firm subtracting the recommendation value of the previous report. Therefore, recommendation change −2 indicates a case in which the recommendation decreases by 2 steps, −1 indicates a case where the recommendation decreases by 1 step, 0 indicates a case where it is still maintained, 1 indicates a case where the recommendation increases by 1 level, and 2 indicates a case where the recommendation increases by 2 steps