This study examines the responses of investor sentiment and stock market returns to announcements of changes in analyst recommendation as well as the effect of these announcements on the relationship between sentiment and stock returns. Investor sentiment is more sensitive to upgrade...

This study compares three types of portfolio investment strategies: analyst-recommended, recommendation changes and momentum for the United States stock market. We compare these portfolios by period, size, and industry. Our results show that the momentum portfolio performs best across all...

This study examines whether analysts’ informativeness and activities change following regulatory reforms that strengthen market surveillance. We find that star (non-star) analysts provide firm-specific (market-wide) information, particularly for firms with characteristics favored by fund...

The KOSPI (Korea Composite Stock Price Index) 200 options are one of the most actively traded derivatives in the world. This paper empirically examines (a) the statistical properties of the Korea's representative implied volatility index (VKOSPI) derived from the KOSPI 200 options and (b) the...