東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Linked to FindBook

Google Book

Amazon

博客來

Do brokerage analysts' recommendations have investment value?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Do brokerage analysts' recommendations have investment value?/
Author:	Womack, Kent L.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1995,
Description:	90 p.
Notes:	Source: Dissertations Abstracts International, Volume: 57-01, Section: A.
Contained By:	Dissertations Abstracts International57-01A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9528217
ISBN:	9798208045817

Do brokerage analysts' recommendations have investment value?
Womack, Kent L.

Do brokerage analysts' recommendations have investment value? - Ann Arbor : ProQuest Dissertations & Theses, 1995 - 90 p.

Source: Dissertations Abstracts International, Volume: 57-01, Section: A.

Thesis (Ph.D.)--Cornell University, 1995.

This item must not be sold to any third party vendors.

An analysis of new buy and sell recommendations of stocks by security analysts at fourteen major U.S. brokerage firms shows significant, systematic discrepancies between pre-recommendation prices and eventual values. The average initial price change at the time of the recommendations is large (+2.9% and -4.7% for buys and sells, respectively), even though few recommendations coincide with other public information releases or provide previously unavailable facts. These price changes are apparently attributable mainly to information processing and dissemination, consistent with the Grossman and Stiglitz (1980) definition of market efficiency in that informed investors earn a return on information gathering and processing. Initial price reactions are incomplete, and post-recommendation risk-adjusted price drift implies that analysts' recommendations provide tradable value for investors, in contrast to the conclusions of many previous studies. For buy recommendations, the mean post-event drift is modest (+2.4%) and short-lived (one month), but for sell recommendations, the drift is larger (-9.1%) and extends for a longer period (six months). Analysts appear to have overall market timing as well as individual stock picking abilities. Accurate industry predictions are an important component in negative ("sell" and "removed from buy") recommendations.

ISBN: 9798208045817Subjects--Topical Terms:

542899
Finance.

Do brokerage analysts' recommendations have investment value?
LDR:02451nmm a2200325 4500 001 2347842
005 20230509065516.5
006 m o d
007 cr#unu||||||||
008 241004s1995 ||||||||||||||||| ||eng d
020 $a 9798208045817
035 $a (MiAaPQ)AAI9528217
035 $a AAI9528217
040 $a MiAaPQ $c MiAaPQ
100 1 $a Womack, Kent L. $3 3687141
245 1 0 $a Do brokerage analysts' recommendations have investment value?
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 1995
300 $a 90 p.
500 $a Source: Dissertations Abstracts International, Volume: 57-01, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
502 $a Thesis (Ph.D.)--Cornell University, 1995.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a An analysis of new buy and sell recommendations of stocks by security analysts at fourteen major U.S. brokerage firms shows significant, systematic discrepancies between pre-recommendation prices and eventual values. The average initial price change at the time of the recommendations is large (+2.9% and -4.7% for buys and sells, respectively), even though few recommendations coincide with other public information releases or provide previously unavailable facts. These price changes are apparently attributable mainly to information processing and dissemination, consistent with the Grossman and Stiglitz (1980) definition of market efficiency in that informed investors earn a return on information gathering and processing. Initial price reactions are incomplete, and post-recommendation risk-adjusted price drift implies that analysts' recommendations provide tradable value for investors, in contrast to the conclusions of many previous studies. For buy recommendations, the mean post-event drift is modest (+2.4%) and short-lived (one month), but for sell recommendations, the drift is larger (-9.1%) and extends for a longer period (six months). Analysts appear to have overall market timing as well as individual stock picking abilities. Accurate industry predictions are an important component in negative ("sell" and "removed from buy") recommendations.
590 $a School code: 0058.
650 4 $a Finance. $3 542899
650 4 $a Impact analysis. $3 3544937
650 4 $a Studies. $3 3433795
650 4 $a Research. $3 531893
650 4 $a Estimates. $3 3561047
650 4 $a Equilibrium. $3 668417
650 4 $a Dissertations & theses. $3 3560115
650 4 $a Calendars. $3 879487
650 4 $a Efficiency. $3 753744
650 4 $a Bias. $2 gtt $3 1374837
650 4 $a Hypotheses. $3 3560118
650 4 $a Copyright. $3 601694
690 $a 0508
710 2 $a Cornell University. $3 530586
773 0 $t Dissertations Abstracts International $g 57-01A.
790 $a 0058
791 $a Ph.D.
792 $a 1995
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9528217