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| Author: | Ho, M.J. Harris, R.S. |
| Title: | Brokerage analysts' rationale for investment recommendations: market responses to different types of information |
| Journal: | European Finance Review
2000 : WINTER, VOL. 23:4, p. 449-468 |
| Index terms: | BROKERAGE INFORMATION INVESTMENT |
| Language: | eng |
| Abstract: | The authors examine the rationales provided when sell-side analysts change investment recommendations. Although most changes in investment advice cite company fundamentals, analysts justify one in eight recommendation changes solely on the basis of price movements. Although markets react to price-basis recommendations, these reactions are smaller and less prolonged than to recommmendations citing company fundamentals, consistent with investors' giving more weight to recommendations conveying fundamental information. |
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