Article1983

Stock Prices and Financial Analysts' Recommendations

James H. Bjerring · Josef Lakonishok · Theo Vermaelen

177 citations0/0 files storedThe Journal of Finance

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

ABSTRACT The recommendations of a Canadian brokerage house are evaluated by a number of techniques. The results reveal that an investor following the recommendations would have achieved significantly positive abnormal returns, even after allowing for transactions cost.

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References

1981The relationship between return and market value of common stocks 1980Measuring security price performance 1977Estimating betas from nonsynchronous data 1981Misspecification of capital asset pricing 1933Can Stock Market Forecasters Forecast?1980The effects of capital structure change on security prices 1979The information content of financial analysts' forecasts of earnings 1978Stock Prices and the Publication of Second-Hand Information

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2023Green investment funds and corporate green innovation: From the logic of social value 2002Information Content of Equity Analyst Reports 1984An Analysis of Brokers' and Analysts' Unpublished Forecasts of UK Stock Returns 1993Corporate Governance Through the Proxy Contest: Evidence and Implications 1992Robust Measurement of Beta Risk 2008The value of stock analysts' recommendations: Evidence from emerging markets

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