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| Author: | Krishnan, R. Booker, D. M. |
| Title: | Investors' Use of Analysts' Recommendations |
| Journal: | Behavioral Research in Accounting
2002 : VOL. 14, p. 129-156 |
| Index terms: | INVESTMENT INVESTORS ANALYTICAL REVIEW ACCOUNTING |
| Language: | eng |
| Abstract: | This study examines the factors influencing the decisions of investors who use analysts' recommendations to arrive at a short-term decision to hold or to sell a stock. Specifically the authors examine if the presence of analysts' recommendations reduces the tendency for investors to commit the disposition error, i.e., sell winning stocks too soon and hold losing stocks too long. The authors also examine whether the strength of supporting arguments to the analysts' recommendations affects investor decisions. The authors' results indicate that the presence of an analyst summary recommendation report reduces the disposition error for gains but not for losses. |
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