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The value of stock analysts' recommendations: Evidence from emerging markets

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  • Moshirian, Fariborz
  • Ng, David
  • Wu, Eliza
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Abstract

This is the first study to empirically examine post-recommendation buy and hold abnormal returns in emerging markets. By analyzing a sample of 13 emerging countries over the decade from 1996 to 2005, we find that stock prices react strongly to stock analyst recommendations and revisions. We also find that there is a stronger positive bias in analyst recommendations and revisions in emerging markets compared with that in developed markets. In our cross-sectional analysis, we find that the Market-to-Book ratio is the primary indicator for Buy and Strong Buy recommendation regressions. This indicates that stock analysts in emerging markets prefer high growth stocks with attractive characteristics.

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Bibliographic Info

Article provided by Elsevier in its journal International Review of Financial Analysis.

Volume (Year): 18 (2009)
Issue (Month): 1-2 (March)
Pages: 74-83

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Handle: RePEc:eee:finana:v:18:y:2009:i:1-2:p:74-83

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Web page: http://www.elsevier.com/locate/inca/620166

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Keywords: Stock analysts Emerging stock markets Stock performance;

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Cited by:
  1. Giraldo, Marcela, 2011. "Dynamics of analysts' coverage and the firms' information environment," International Review of Financial Analysis, Elsevier, vol. 20(5), pages 345-354.
  2. Keef, Stephen P. & Khaled, Mohammed & Zhu, Hui, 2009. "The dynamics of the Monday effect in international stock indices," International Review of Financial Analysis, Elsevier, vol. 18(3), pages 125-133, June.
  3. Jiang, Christine X. & Kim, Jang-Chul & Zhou, Dan, 2011. "Liquidity, analysts, and institutional ownership," International Review of Financial Analysis, Elsevier, vol. 20(5), pages 335-344.
  4. Hanousek, Jan & Kopřiva, František, 2013. "Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms," International Review of Financial Analysis, Elsevier, vol. 28(C), pages 86-92.
  5. Zahra Ben Braham & Sébastien Galanti, 2014. "Recommendation Value on an Emerging Market: the Impact of Analyst' Recommendations on Stock Prices and Trading Volumes in Tunisia," Working Papers halshs-01015380, HAL.

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