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| Author: | Altinkilic, O. Hansen, R.S. |
| Title: | On the information role of stock recommendation revisions |
| Journal: | Journal of Accounting & Economics
2009 : OCT, VOL. 48:1, p. 17-36 |
| Index terms: | brokerage capital markets investment banks market efficiency securities |
| Language: | eng |
| Abstract: | This paper investigates the information trasmission role of stock recommendation revisions by sell-side security analysts. Revisions seem to be associated with economically insignificant mean price reactions and they often follow recent news, events, long-term momentum, and short-run contrarian return predictors, typically downgrading after bad news and upgrading after good news. Regardless, the revisions are usually information-free for investors. The findings of the study differ from the long-standing view that recommendations are an important means by which analysts assimilate information into stock prices and disagree with the view of policymakers that analysts' stock picks significantly impact stock prices. |
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