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Evaluating analysts' value: evidence from recommendation revisions around stock price jumps

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  • George J. Jiang
  • Woojin Kim

Abstract

Recent studies document that analyst recommendation revisions tend to coincide with important corporate events, but offer mixed evidence on whether these revisions still contain significant information content. In this paper, we use large discontinuous changes, known as jumps , in stock prices as proxy for significant events and examine the information content of analyst revisions. We find that although recommendation revisions are more likely to be clustered around stock price jumps, they still contain significant information, especially those issued prior to jumps.

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  • George J. Jiang & Woojin Kim, 2016. "Evaluating analysts' value: evidence from recommendation revisions around stock price jumps," The European Journal of Finance, Taylor & Francis Journals, vol. 22(3), pages 167-194, February.
    • Handle: RePEc:taf:eurjfi:v:22:y:2016:i:3:p:167-194
    DOI: 10.1080/1351847X.2014.960979
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    Cited by:

    1. Barakat, Ahmed & Ashby, Simon & Fenn, Paul, 2018. "The reputational effects of analysts' stock recommendations and credit ratings: Evidence from operational risk announcements in the financial industry," International Review of Financial Analysis, Elsevier, vol. 55(C), pages 1-22.
    2. Cui, Xin & Sensoy, Ahmet & Nguyen, Duc Khuong & Yao, Shouyu & Wu, Yiyao, 2022. "Positive information shocks, investor behavior and stock price crash risk," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 493-518.
    3. He, Feng & Ma, Yaming, 2019. "Do political connections decrease the accuracy of stock analysts' recommendations in the Chinese stock market?," Economic Modelling, Elsevier, vol. 81(C), pages 59-72.

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