2003
DOI: 10.2139/ssrn.411521
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Value of Analyst Recommendations: International Evidence

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Cited by 99 publications
(140 citation statements)
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References 28 publications
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“…Interestingly, cumulative abnormal returns are more negative (the reaction is stronger) when the recommendation is prepared by firms with worse reputations. These findings do not confirm the results from other markets (Stickel, 1995;Jegadeesh and Kim, 2006). Since the relationship between price reaction and reputation of the brokerage firm was not proven in the two aforementioned groups of events, an unambiguous conclusion cannot be drawn.…”
Section: Positive Recommendationscontrasting
confidence: 72%
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“…Interestingly, cumulative abnormal returns are more negative (the reaction is stronger) when the recommendation is prepared by firms with worse reputations. These findings do not confirm the results from other markets (Stickel, 1995;Jegadeesh and Kim, 2006). Since the relationship between price reaction and reputation of the brokerage firm was not proven in the two aforementioned groups of events, an unambiguous conclusion cannot be drawn.…”
Section: Positive Recommendationscontrasting
confidence: 72%
“…Glezakos (2007) and Gurgul and Majdosz (2004) do not find any visible reaction to recommendations on the Athens Stock Exchange and Warsaw Stock Exchange, respectively. Jegadeesh and Kim (2006) confirm a dependence on the strength of the reaction and the size of the market, convincing us that a developed market reacts stronger, while show the opposite (via examples of the Austrian and German stock markets): abnormal returns on the smaller market are higher. Jegadeesh et al (2004) suggest that the research should not only involve the level of recommendation but also the change from its previous level, as it has more robust explanatory power than the level alone.…”
Section: Introductionsupporting
confidence: 61%
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“…Investors use these outputs to make trading decisions. Jegadeesh and Kim (2006) examined analysts' recommendations in the G7 countries and evaluated the value of these recommendations over the 1993-2002 period. The authors found that the frequencies of sell and strong sell recommendations (15.3%) in all the countries were far less than those of the buy and strong buy recommendations (46.9%).…”
Section: Recommendations Have Investment Valuementioning
confidence: 99%