search query: @freeterm newspapers / total: 12
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| Author: | Lidén, E.R. |
| Title: | Stock recommendations in Swedish printed media: leading or misleading? |
| Journal: | European Journal of Finance
2006 : DEC, VOL. 12:8, p. 731-748 |
| Index terms: | Sweden Scandinavia Nordic countries stock markets investments information |
| Freeterms: | recommendations newspapers media |
| Language: | eng |
| Abstract: | In this paper, analyzed is the initiated and changed recommendations (hereafter as: recs.) published in 6 well-known Swedish newspapers and business magazines from 1996 to 2000, using a buy-and-hold abnormal returns (BHARs) approach. The results distinguish between recs. from analysts (as: anls.) and journalists (as: jrls). Buy recs. were misleading investors, whereas sell recs. were leading them correctly. This asymmetry is due to positive information from the management of the company being more intricate to interpret than negative. Both good and bad information provided by the management is generally positively biased, a phenomenon influencing both anls. and jrls. recs. Following buy and sell recs. from anls. yielded BHARs in line with those from jrls. etc. |
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