Market valuation of the analysts’ recommendations: the Spanish stock market

Abstract

The aim of this paper is the analysis of the return and the trading volume of the analysts’ recommendations, taking the column The Indiscrete from Cinco Días, one of the most disseminated Spanish financial newspapers, as the database in the period 1997–1999. The results show that the market reacts before the publication of the recommendations, the cumulative return for the buying recommendations being 1.13% and −2% for sells. The trading volume, in number of shares, turnover euros and number of trades are greater than average before any type of recommendations and also after buy recommendations.

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