- Abstract:
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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...
Expand abstract - Publication status:
- Accepted
- Version:
- Accepted manuscript
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(pdf, 565.8KB)
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- Publisher:
- European Finance Association Publisher's website
- Publication date:
- 2016-01-01
- URN:
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uuid:88f65ca5-aa28-407e-adec-e52f325fd831
- Source identifiers:
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632198
- Local pid:
- pubs:632198
- Copyright date:
- 2016
- Notes:
- This article was presented at the 43rd EFA Annual Meeting – Oslo, Norway – 17-20 August 2016.
Conference
Measuring the added value of stock recommendations
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