Bartholdy, Jan; Feng, Tiyi - In: Pacific-Basin Finance Journal 24 (2013) C, pp. 66-88
Do informational advantages, reputation and experience lead to better earnings forecasts and stock recommendations? It … is shown that for local Chinese securities firms both earnings forecasts and stock recommendations are, in general …, biased upwards and financial markets view stock recommendations as having new information. Contrary to the literature …