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Professional stock analysts' recommendations: Implications for individual investors

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  • Walker, M. Mark
  • Hatfield, Gay B.

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  • Walker, M. Mark & Hatfield, Gay B., 1996. "Professional stock analysts' recommendations: Implications for individual investors," Financial Services Review, Elsevier, vol. 5(1), pages 13-29.
  • Handle: RePEc:eee:finser:v:5:y:1996:i:1:p:13-29
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    References listed on IDEAS

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    1. Dodd, Peter & Warner, Jerold B., 1983. "On corporate governance : A study of proxy contests," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 401-438, April.
    2. Barber, Brad M. & Loeffler, Douglas, 1993. "The “Dartboard” Column: Second-Hand Information and Price Pressure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(02), pages 273-284, June.
    3. Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, vol. 70(3), pages 393-408, June.
    4. Copeland, Thomas E. & Mayers, David, 1982. "The value line enigma (1965-1978) : A case study of performance evaluation issues," Journal of Financial Economics, Elsevier, vol. 10(3), pages 289-321, November.
    5. Holthausen, Robert W. & Leftwich, Richard W., 1986. "The effect of bond rating changes on common stock prices," Journal of Financial Economics, Elsevier, vol. 17(1), pages 57-89, September.
    6. -, 1995. "Foreign direct investment in the Caribbean," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 27404, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    7. Liu, Pu & Smith, Stanley D. & Syed, Azmat A., 1990. "Stock Price Reactions to The Wall Street Journal's Securities Recommendations," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(03), pages 399-410, September.
    8. Dyson, A.C.L. & Exley, C.J., 1995. "Pension Fund Asset Valuation and Investment," British Actuarial Journal, Cambridge University Press, vol. 1(05), pages 965-977, December.
    9. Dyson, A.C.L. & Exley, C.J., 1995. "Pension Fund Asset Valuation and Investment," British Actuarial Journal, Cambridge University Press, vol. 1(03), pages 471-557, August.
    10. Bjerring, James H & Lakonishok, Josef & Vermaelen, Theo, 1983. " Stock Prices and Financial Analysts' Recommendations," Journal of Finance, American Finance Association, vol. 38(1), pages 187-204, March.
    11. Griffin, Paul A & Sanvicente, Antonio Z, 1982. " Common Stock Returns and Rating Changes: A Methodological Comparison," Journal of Finance, American Finance Association, vol. 37(1), pages 103-119, March.
    12. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    13. Holloway, Clark, 1983. " Testing an Aggressive Investment Strategy Using Value Line Ranks: A Reply," Journal of Finance, American Finance Association, vol. 38(1), pages 263-270, March.
    14. Mikkelson, Wayne H. & Partch, M. Megan, 1988. "Withdrawn Security Offerings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 23(02), pages 119-133, June.
    15. Holloway, Clark, 1981. "A Note on Testing an Aggressive Investment Strategy Using Value Line Ranks," Journal of Finance, American Finance Association, vol. 36(3), pages 711-719, June.
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    Cited by:

    1. Gold, Steven C. & Lebowitz, Paul, 1999. "Computerized stock screening rules for portfolio selection," Financial Services Review, Elsevier, vol. 8(2), pages 61-70.
    2. Schadler, Frederick P. & Eakins, Stanley G., 2001. "A stock selection model using Morningstar's style box," Financial Services Review, Elsevier, vol. 10(1-4), pages 129-144.
    3. Smith, Keith V., 1997. "Asset allocation and investment horizon," Financial Services Review, Elsevier, vol. 6(3), pages 201-219.
    4. Eakins, Stanley G. & Stansell, Stanley R., 2003. "Can value-based stock selection criteria yield superior risk-adjusted returns: an application of neural networks," International Review of Financial Analysis, Elsevier, vol. 12(1), pages 83-97.
    5. Loviscek, Anthony L. & Jordan, W. John, 2000. "Stock selection based on Morningstar's ten-year, five-star general equity mutual funds," Financial Services Review, Elsevier, vol. 9(2), pages 145-157, 00.
    6. Haris Bin Jamil & Aisha Ghazi Aurakzai & Muhammad Subayyal, 2014. "Can Analysts Really Forecast? Evidence from the Karachi Stock Exchange," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 19(1), pages 91-109, Jan-June.

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