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Do brokerage analysts' recommendations have investment value?

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Do brokerage analysts' recommendations have investment value?/
作者:	Womack, Kent L.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 1995,
面頁冊數:	90 p.
附註:	Source: Dissertations Abstracts International, Volume: 57-01, Section: A.
Contained By:	Dissertations Abstracts International57-01A.
標題:	Finance. -
電子資源:	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?
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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.
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