The purpose of this paper is to investigate the effect of stock recommendations in returns for Brazilian public companies. Using data from the I/B/E/S system, we examine the empirical distribution of buy, sell and hold recommendations as well their effect on prices, for the period from January...

Implicit taxes refer to the reduction in the pre-tax rate of return due to tax preferences on investment, while explicit taxes are the direct taxes paid to the government. The literature suggests that tax accounting research should incorporate implicit taxes in its analyses to estimate the total...