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Analysts’ recommendations: from which signal does the market take its lead?

Author

Listed:
  • Rob Brown

    ()

  • Howard Chan

    ()

  • Yew Ho

    ()

Abstract

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Suggested Citation

  • Rob Brown & Howard Chan & Yew Ho, 2009. "Analysts’ recommendations: from which signal does the market take its lead?," Review of Quantitative Finance and Accounting, Springer, vol. 33(2), pages 91-111, August.
  • Handle: RePEc:kap:rqfnac:v:33:y:2009:i:2:p:91-111
    DOI: 10.1007/s11156-009-0107-1
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    File URL: http://hdl.handle.net/10.1007/s11156-009-0107-1
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    References listed on IDEAS

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    1. repec:bla:joares:v:35:y:1997:i:2:p:193-211 is not listed on IDEAS
    2. Peterson, David R., 1987. "Security Price Reactions to Initial Reviews of Common Stock by the Value Line Investment Survey," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(04), pages 483-494, December.
    3. Patricia C. O'Brien & Maureen F. Mcnichols & Lin Hsiou-Wei, 2005. "Analyst Impartiality and Investment Banking Relationships," Journal of Accounting Research, Wiley Blackwell, vol. 43(4), pages 623-650, September.
    4. 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.
    5. Narasimhan Jegadeesh & Joonghyuk Kim & Susan D. Krische & Charles M. C. Lee, 2004. "Analyzing the Analysts: When Do Recommendations Add Value?," Journal of Finance, American Finance Association, vol. 59(3), pages 1083-1124, June.
    6. repec:bla:joares:v:35:y:1997:i::p:167-199 is not listed on IDEAS
    7. repec:bla:joares:v:28:y:1990:i:2:p:409-417 is not listed on IDEAS
    8. Stickel, Scott E, 1992. " Reputation and Performance among Security Analysts," Journal of Finance, American Finance Association, vol. 47(5), pages 1811-1836, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Leonardo Fernandez, 2012. "Price Discovery, Investor Distraction and Analyst Recommendations Under Continuous Disclosure Requirements in Australia," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3.
    2. Carole Gresse & Laurence Porteu de la Morandière, 2015. "Rising and Senior Stars in European Financial Analyst Rankings: The Talented and the Famous," Working Papers 01, Groupe ESC Pau, Research Department, revised Jan 2015.

    More about this item

    Keywords

    Analysts’ recommendations; Market consensus; Signal metrics; G14;

    JEL classification:

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

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