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Measuring the Added...
Measuring the Added Value of Stock Recommendations
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- Anderson, Anders (författare)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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- Jones, Howard (författare)
- University of Oxford (GB)
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- Martinez, Jose Vicente (författare)
- University of Connecticut
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(creator_code:org_t)
- Cambridge University Press (CUP): HSS Journals, 2020
- 2020
- Engelska.
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Ingår i: Journal of Financial and Quantitative Analysis. - : Cambridge University Press (CUP): HSS Journals. - 0022-1090. ; 55:6, s. 1915-1945
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Abstract
Ämnesord
Stäng
- Using data from the Stockholm Stock Exchange (SSE), we study the value added by (as distinct from the abnormal returns to) analysts' recommendations. Recommending brokers' clients trade profitably around positive recommendations at the expense of other brokers' clients. Significant profits come from transactions before recommendation dates. Value added is greatest for upgrades to large caps, and largely insignificant for downgrades and recommendations of small caps, despite high abnormal returns. Brokers making profitable recommendations generate abnormally high commission income, recouping much of their clients' abnormal profits, and their abnormal commission income varies in line with the abnormal profits for their clients.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Business Administration (hsv//eng)
Publikations- och innehållstyp
- art (ämneskategori)
- ref (ämneskategori)
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