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Stock Prices and Financial Analysts' Recommendations
10 references·16 citing·47 second hop
Stock Prices and Financial Analysts' Recommendations (1983)Stock Prices and Financial Analysts' Reco…The value line enigma (1965–1978) (1982)The value line enigma (1965–1…The relationship between return and market value of common stocks (1981)The relationship between retu…Misspecification of capital asset pricing (1981)Misspecification of capital a…The effects of capital structure change on security prices (1980)The effects of capital struct…Measuring security price performance (1980)Measuring security price perf…The information content of financial analysts' forecasts of earnings (1979)The information content of fi…Stock Prices and the Publication of Second-Hand Information (1978)Stock Prices and the Publicat…Estimating betas from nonsynchronous data (1977)Estimating betas from nonsync…The Effect of Regulation Changes on Insider Trading (1974)The Effect of Regulation Chan…Can Stock Market Forecasters Forecast? (1933)Can Stock Market Forecasters …Green investment funds and corporate green innovation: From the logic of social value (2023)Green investment funds and co…Why do analysts revise their stock recommendations after earnings announcements? (2015)Why do analysts revise their …Divergent Reactions to Convergent Strategies: Investor Beliefs and Analyst Reactions During Technological Change (2012)Divergent Reactions to Conver…R&D Intensity and the Value of Analysts’ Recommendations* (2011)R&D Intensity and the Value o…Target Price Accuracy in Equity Research (2010)Target Price Accuracy in Equi…The value of stock analysts' recommendations: Evidence from emerging markets (2008)The value of stock analysts' …Investors' Use of Analysts' Recommendations (2002)Investors' Use of Analysts' R…Information Content of Equity Analyst Reports (2002)Information Content of Equity…Price Pressure: Evidence from the “Dartboard” Column (1999)Price Pressure: Evidence from…Optimism Biases among Brokerage and Non-Brokerage Firms' Equity Recommendations: Agency Costs in the Investment Industry (1998)Optimism Biases among Brokera…Risk Aversion, Liquidity, and Endogenous Short Horizons (1996)Risk Aversion, Liquidity, and…An Analysis of the Recommendations of the “Superstar” Money Managers at Barron's Annual Roundtable (1995)An Analysis of the Recommenda…Corporate Governance Through the Proxy Contest: Evidence and Implications (1993)Corporate Governance Through …Robust Measurement of Beta Risk (1992)Robust Measurement of Beta Ri…Public Information and Abnormal Returns in Real Estate Investment (1985)Public Information and Abnorm…An Analysis of Brokers' and Analysts' Unpublished Forecasts of UK Stock Returns (1984)An Analysis of Brokers' and A…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Insiders' profits, costs of trading, and market efficiency (1986)Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence (1988)Fundamentals and Stock Returns in Japan (1991)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Risk, Return, and Equilibrium: Empirical Tests (1973)Insider Trading as a Signal of Private Information (1993)The performance of international asset allocation strategies using conditioning information (1993)Can Investors Profit from the Prophets? Consensus Analyst Recommendations and Stock Returns (1998)An Empirical Evaluation of Accounting Income Numbers (1968)The Information Content of Annual Earnings Announcements (1968)INVESTMENT PERFORMANCE OF COMMON STOCKS IN RELATION TO THEIR PRICE‐EARNINGS RATIOS: A TEST OF THE EFFICIENT MARKET HYPOTHESIS (1977)Earnings forecasting research: its implications for capital markets research (1993)An Empirical Analysis of Analysts' Target Prices: Short‐term Informativeness and Long‐term Dynamics (2003)CEO Dismissal: The role of investment analysts (2011)The Behavior of Stock-Market Prices (1965)Common Stock Returns and Rating Changes: A Methodological Comparison (1982)UNDERSTANDING AND CONDUCTING EVENT STUDIES (1983)The Association between Insider Trading and Information Announcements (1984)A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices (1973)An Intertemporal Capital Asset Pricing Model (1973)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)The variation of certain speculative prices (1997)Customer Satisfaction, Analyst Stock Recommendations, and Firm Value (2010)Stock Returns after Major Price Shocks: The Impact of Information (2011)The Adjustment of Stock Prices to New Information (1969)Using daily stock returns (1985)Event Studies in Economics and Finance (1997)Introductory Econometrics for Finance (2008)Capital Market Equilibrium with Restricted Borrowing (1972)A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Pricing of Options and Corporate Liabilities (1973)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)The valuation effects of stock splits and stock dividends (1984)Valuation effects of corporate debt offerings (1986)Trade-Off and Pecking Order Theories of Debt (2005)Forecasting and Planning: An Evaluation (1981)Asymmetric causality tests with an application (2011)Forecasting Stock Returns (2013)
this work references cited by second hop

References

  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1980Measuring security price performance3,330 cited
  • 1977Estimating betas from nonsynchronous data2,751 cited
  • 1981Misspecification of capital asset pricing1,286 cited
  • 1933Can Stock Market Forecasters Forecast?727 cited
  • 1980The effects of capital structure change on security prices529 cited
  • 1979The information content of financial analysts' forecasts of earnings412 cited
  • 1978Stock Prices and the Publication of Second-Hand Information279 cited
  • 1982The value line enigma (1965–1978)224 cited
  • 1974The Effect of Regulation Changes on Insider Trading218 cited

Cited by

  • 2023Green investment funds and corporate green innovation: From the logic of social value147 cited
  • 2002Information Content of Equity Analyst Reports144 cited
  • 1984An Analysis of Brokers' and Analysts' Unpublished Forecasts of UK Stock Returns140 cited
  • 1993Corporate Governance Through the Proxy Contest: Evidence and Implications138 cited
  • 1992Robust Measurement of Beta Risk133 cited

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2008
The value of stock analysts' recommendations: Evidence from emerging markets
113 cited
  • 2010Target Price Accuracy in Equity Research110 cited
  • 1998Optimism Biases among Brokerage and Non-Brokerage Firms' Equity Recommendations: Agency Costs in the Investment Industry106 cited
  • 1995An Analysis of the Recommendations of the “Superstar” Money Managers at Barron's Annual Roundtable99 cited
  • 1999Price Pressure: Evidence from the “Dartboard” Column97 cited
  • 2011R&D Intensity and the Value of Analysts’ Recommendations*81 cited
  • 2002Investors' Use of Analysts' Recommendations79 cited
  • 2015Why do analysts revise their stock recommendations after earnings announcements?75 cited
  • 2012Divergent Reactions to Convergent Strategies: Investor Beliefs and Analyst Reactions During Technological Change74 cited
  • 1996Risk Aversion, Liquidity, and Endogenous Short Horizons71 cited
  • 1985Public Information and Abnormal Returns in Real Estate Investment71 cited