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| Author: | Gerke, W. Oerke, M. |
| Title: | Marktbeeinflussing durch Analysenempfehlungen |
| Journal: | Zeitschrift für Betriebswirtschaft
1998 : ERGÄNZUNGSHEFT 2/98, p. 187-200 |
| Index terms: | SHARE PRICES BANKING INSIDER TRADING EMPIRICAL RESEARCH GERMANY |
| Language: | ger |
| Abstract: | The results of this study demonstrates that analysts recommendations have substantial impact on stock prices. This effect was observed for recommendations to sell and to hold. Except for the DAX-Sample recommendations to buy show no significant reaction. We analyse 371 recommendations from 43 larger Banks and Brokeragefirms. The strong evidence that stockprices react significantly to analysts' recommendations leads to the question whether an Analyst becomes an insider due to his knowledge of the announcement day. |
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