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Journal article

Measuring the added value of stock recommendations

Abstract:

Using data from the Stockholm Stock Exchange we study the value added by (as distinct from the abnormal returns to) analysts’ recommendations. Recommending brokers’ clients trade profitably around positive recommendations at the expense of other brokers’ clients. Significant profits come from transactions before recommendation dates. Value added is greatest for upgrades to large caps, and largely insignificant for downgrades and recommendations of small caps, despite high abnormal returns. Br...

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Publication status:
In press
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.1017/S0022109019000413

Authors


Anderson, A More by this author
More by this author
Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Said Business School
Oxford college:
Keble
Martinez, JV More by this author
Publisher:
Cambridge University Press Publisher's website
Journal:
Journal of Financial and Quantitative Analysis Journal website
Publication date:
2019-05-23
Acceptance date:
2019-02-01
DOI:
EISSN:
1756-6916
ISSN:
0022-1090
Pubs id:
pubs:968990
URN:
uri:03d15b1f-451f-42e2-9b2b-6672b7007b40
UUID:
uuid:03d15b1f-451f-42e2-9b2b-6672b7007b40
Local pid:
pubs:968990

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