Article1986

Discrete Expectational Data and Portfolio Performance

198 citations0/0 files storedThe Journal of Finance

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Financial Markets and Investment Strategies Auditing, Earnings Management, Governance Financial Analysis and Corporate Governance

Abstract

ABSTRACT In this article we examine the information content in analysts' recommendations which are made on a five‐point buy, hold, or sell scale. Our data set includes data on 10,000 forecasts per month. Unlike most prior studies, our data set does not suffer from selection or survivorship bias. We find information in analysts' changes in recommendations. Approximately 4.5% extra return can be earned by purchasing new buys rather than new sells.

Citations in this library

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References

1984Professional Expectations: Accuracy and Diagnosis of Errors 1981Expectations and Share Prices

Cited by

2002Information Content of Equity Analyst Reports 2017Analysts and Anomalies 2013Are Stars’ Opinions Worth More? The Relation Between Analyst Reputation and Recommendation Values 2006Buy-Side Analysts, Sell-Side Analysts, and Investment Decisions of Money Managers 2007The Predictive Content of Aggregate Analyst Recommendations 2008The value of stock analysts' recommendations: Evidence from emerging markets 2010Target Price Accuracy in Equity Research 2020Security analysts and capital market anomalies

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