Moshirian, Fariborz; Ng, David; Wu, Eliza - In: International Review of Financial Analysis 18 (2009) 1-2, pp. 74-83
This is the first study to empirically examine post-recommendation buy and hold abnormal returns in emerging markets. By analyzing a sample of 13 emerging countries over the decade from 1996 to 2005, we find that stock prices react strongly to stock analyst recommendations and revisions. We also...