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Journal article

Measuring the added value of stock recommendations

Abstract:

Using data from the Stockholm Stock Exchange (SSE), 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 retu...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1017/S0022109019000413

Authors


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Institution:
University of Oxford
Division:
SSD
Department:
Saïd Business School
Oxford college:
Keble College
Role:
Author
Publisher:
Cambridge University Press
Journal:
Journal of Financial and Quantitative Analysis More from this journal
Volume:
55
Issue:
6
Pages:
1915-1945
Publication date:
2019-05-23
Acceptance date:
2019-02-01
DOI:
EISSN:
1756-6916
ISSN:
0022-1090
Language:
English
Keywords:
Pubs id:
pubs:968990
UUID:
uuid:03d15b1f-451f-42e2-9b2b-6672b7007b40
Local pid:
pubs:968990
Source identifiers:
968990
Deposit date:
2019-02-06

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