This study analyzes the accuracy of forecasted target prices within analysts’ reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown) 12-month stock price. Furthermore, we determine factors that explain...

This dissertation titled “Informational Content of Financial Experts’ Recommendations and their Impact on Capital Markets” analyzes the informational content of stock recommendations issued by financial experts. The first part of this work (namely Chapter 2 to Chapter 4) concentrates on...

Our study focuses on the question whether corporate insiders in Germany exploit inside information whiletrading in their company’s stock. In contrast to prior international studies, which are not able to link insidertransactions to a formal definition of inside information, we relate insider...