Sala, Juan Carlos Gómez; Espinosa, Germán López - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2005
In this paper we examine the value of analysts’ stock recommendations in the Spanish capital market in the period 1994-2003, using data from JCF Quant. In every month of the sample period the assets have been classified into five portfolios first attending its consensus recommendations level...