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The persistence of relative performance in stock recommendations of sell-side financial analysts

  • Li, Xi
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    File URL: http://www.sciencedirect.com/science/article/B6V87-4GX6HT8-1/2/b001404231a9d818a45a100228c52891
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    Article provided by Elsevier in its journal Journal of Accounting and Economics.

    Volume (Year): 40 (2005)
    Issue (Month): 1-3 (December)
    Pages: 129-152

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    Handle: RePEc:eee:jaecon:v:40:y:2005:i:1-3:p:129-152
    Contact details of provider: Web page: http://www.elsevier.com/locate/jae

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    1. Eckbo, B. Espen & Masulis, Ronald W. & Norli, Oyvind, 2000. "Seasoned public offerings: resolution of the 'new issues puzzle'," Journal of Financial Economics, Elsevier, vol. 56(2), pages 251-291, May.
    2. Welch, Ivo, 2000. "Herding among security analysts," Journal of Financial Economics, Elsevier, vol. 58(3), pages 369-396, December.
    3. Lin, Hsiou-wei & McNichols, Maureen F., 1998. "Underwriting relationships, analysts' earnings forecasts and investment recommendations," Journal of Accounting and Economics, Elsevier, vol. 25(1), pages 101-127, February.
    4. Griffin, Paul A, 1976. "Competitive Information in the Stock Market: An Empirical Study of Earnings, Dividends and Analysts' Forecasts," Journal of Finance, American Finance Association, vol. 31(2), pages 631-50, May.
    5. Cooper, Rick A. & Day, Theodore E. & Lewis, Craig M., 2001. "Following the leader: *1: a study of individual analysts' earnings forecasts," Journal of Financial Economics, Elsevier, vol. 61(3), pages 383-416, September.
    6. William N. Goetzmann & Stephen J. Brown, 2005. "Performance Persistence," Yale School of Management Working Papers ysm451, Yale School of Management.
    7. Michaely, Roni & Womack, Kent L, 1999. "Conflict of Interest and the Credibility of Underwriter Analyst Recommendations," Review of Financial Studies, Society for Financial Studies, vol. 12(4), pages 653-86.
    8. Bernard, Victor L. & Thomas, Jacob K., 1990. "Evidence that stock prices do not fully reflect the implications of current earnings for future earnings," Journal of Accounting and Economics, Elsevier, vol. 13(4), pages 305-340, December.
    9. Donald B. Keim & Ananth Madhavan, . "The Cost of Institutional Equity Trades," Rodney L. White Center for Financial Research Working Papers 08-98, Wharton School Rodney L. White Center for Financial Research.
    10. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
    11. Fama, Eugene F & MacBeth, James D, 1973. "Risk, Return, and Equilibrium: Empirical Tests," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 607-36, May-June.
    12. Mikhail, Michael B. & Walther, Beverly R. & Willis, Richard H., 2004. "Do security analysts exhibit persistent differences in stock picking ability?," Journal of Financial Economics, Elsevier, vol. 74(1), pages 67-91, October.
    13. repec:fth:pennfi:68 is not listed on IDEAS
    14. Clement, Michael B., 1999. "Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?," Journal of Accounting and Economics, Elsevier, vol. 27(3), pages 285-303, July.
    15. Jacob, John & Lys, Thomas Z. & Neale, Margaret A., 1999. "Expertise in forecasting performance of security analysts," Journal of Accounting and Economics, Elsevier, vol. 28(1), pages 51-82, November.
    16. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    17. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    18. Elton, Edwin J & Gruber, Martin J & Grossman, Seth, 1986. " Discrete Expectational Data and Portfolio Performance," Journal of Finance, American Finance Association, vol. 41(3), pages 699-713, July.
    19. Nicolas P. B. Bollen, 2005. "Short-Term Persistence in Mutual Fund Performance," Review of Financial Studies, Society for Financial Studies, vol. 18(2), pages 569-597.
    20. Richards, R Malcolm, 1976. "Analysts' Performance and the Accuracy of Corporate Earnings Forecasts," The Journal of Business, University of Chicago Press, vol. 49(3), pages 350-57, July.
    21. Givoly, Dan & Lakonishok, Josef, 1980. "Financial analysts' forecasts of earnings : Their value to investors," Journal of Banking & Finance, Elsevier, vol. 4(3), pages 221-233, September.
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