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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 the clients of brokers without analyst coverage. Significant profits come from transactions before recommendation dates. Value added is greatest for upgrades to large caps. Value added from downgrades and from recommendations for small caps is largely insig...

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Publication status:
Accepted
Version:
Accepted manuscript

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Institution:
University of Oxford
Department:
Oxford, SSD, Said Business School
Role:
Author
Publisher:
European Finance Association Publisher's website
Publication date:
2016-01-01
URN:
uuid:88f65ca5-aa28-407e-adec-e52f325fd831
Source identifiers:
632198
Local pid:
pubs:632198

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