haku: @author Gruber, M. J. / yhteensä: 17
viite: 8 / 17
| Tekijä: | Elton, E. J. Gruber, M. J. Grossman, S. |
| Otsikko: | Discrete expectational data and portfolio performance. |
| Lehti: | Journal of Finance
1986 : JUL, VOL. 41:3, p. 699-714 |
| Asiasana: | STOCK MARKETS BUSINESS FORECASTING |
| Kieli: | eng |
| Tiivistelmä: | The information content in analysts' recommendations is examined on a five-point buy, hold, or sell scale. It is shown that there is information in brokerage firm recommendations, in that excess returns are found in the month during which there is a change in the brokerage firm recommendation, and the next two months too. There is a consistency across time and across changes, so results cannot be due to an extraneous factor, Buying the brokerage firm list leads to excess returns, but excess returns not as large as those to be earned by acting on changes. No evidence is found that a superior brokerage firm can be identified or that one brokerage firm is consistently better than the other. |
SCIMA