We calculated stock returnas the holding period return on a company’s stock from beginning to end of a calendar year. We also measured performance in terms of the mean composite analyst rating of the company’s stock in a given year. Analyst ratings can take one of five categorical values; we coded the data on these ratings, obtained from IBES, from 1, “strong buy,” to 5, “strong sell.” We reverse-coded the variableanalyst rating,soas to make the results more intuitive.
敢问高手:这段话中对绩效的衡量既不是ROA/ROE,又不是TQ,那么我应该怎么计算stock return?