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How Well do Analysts Predict Stock Prices? Evidence from Russia


  • Henry Penikas

    () (National Research University Higher School of Economics (Moscow, Russia). International Laboratory of Decision Choice and Analysis)

  • Proskurin S.

    (National Research University Higher School of Economics, Department of Finance)


In this research we found that 56.8% of expert recommendations on selling or buying stocks of Russian companies were profitable. We show that the recommendations being publically released have an impact on stock prices, hence market players are likely to follow the recommendations. There also no difference in an analyst’s gender and almost no difference in the day the recommen-dation was made

Suggested Citation

  • Henry Penikas & Proskurin S., 2013. "How Well do Analysts Predict Stock Prices? Evidence from Russia," HSE Working papers WP BRP 18/FE/2013, National Research University Higher School of Economics.
  • Handle: RePEc:hig:wpaper:18/fe/2013

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    References listed on IDEAS

    1. Aleskerov, Fuad & Egorova, Lyudmila, 2012. "Is it so bad that we cannot recognize black swans?," Economics Letters, Elsevier, vol. 117(3), pages 563-565.
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    financial analyst; forecast;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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