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Analyst's recommendations- are they worth anything?

Author

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  • Miloš Filip

Abstract

Are the analyst's recommendations trustworthy on the Czech capital market? Do the stock prices develop in a conjunction with the analyst's expectations expressed by their recommendations to buy/hold/sell stocks? The intent of the article will be to evaluate ability of security analysts to generate good recommendationsfor securities traded in the Czech capital market (the Prague Stock Exchange PSE). The empirical data of analyst's opinion in Burzovni noviny (BN - an enclosure of Hospodarske noviny, a daily economic newspaper) during 1996-97 has been analyzed to provide some exciting empirical results. The conclusion of analysis will reason the prophesized market efficiency of the Czech capital market.

Suggested Citation

  • Miloš Filip, 1999. "Analyst's recommendations- are they worth anything?," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 6(9).
  • Handle: RePEc:czx:journl:v:6:y:1999:i:9:id:72
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    File URL: http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/view/72
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    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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