for helpful comments and suggestions. We are indebted with Sergio Venturini at IMQ, SDA Bocconi and with Christian Brownlees at NYU Stern School of Business Volatility Insititute for support and help in data analysis. We thank Factset and Borsa Italiana for providing additional data. We are especially greateful to the editor (Martin Walker) and an anonymous referee. The authors acknowledge financial support from MIUR-Università Bocconi Ricerca di Base 2005. The ideas expressed in the paper do not necessarily reflect those of the authors' affiliation. Any errors remain our own.

target prices , analyst recommendation , security analysis ,

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