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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

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Institution:
University of Oxford
Division:
SSD
Department:
Said Business School
Role:
Author
Publisher:
European Finance Association Publisher's website
Journal:
3rd Annual Meeting of the European Finance Association Journal website
Host title:
43rd Annual Meeting of the European Finance Association
Publication date:
2016-01-01
Acceptance date:
2016-04-20
Event location:
BI Norwegian Business School
Event start date:
2016-08-17T00:00:00Z
Source identifiers:
632198
Keywords:
Pubs id:
pubs:632198
UUID:
uuid:88f65ca5-aa28-407e-adec-e52f325fd831
Local pid:
pubs:632198
Deposit date:
2016-07-06

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