Based on prospect theory, we posit that security analysts' target prices function as a reference point for takeover bids and affect deal completion. Using a sample of US takeovers from 1999 to 2014, we find a negative relation between target prices for a takeover target and the chances for...

Using a hand-collected dataset containing buy, hold, and sell recommendations for Bitcoin published by crypto analysts, we show that hold and sell recommendations are followed by negative abnormal returns whereas buy recommendations are not associated with nonzero abnormal returns. Based on all...

This study establishes that equity analyst recommendations have a significant short-term impact on share prices, by utilising an international database containing 31,363 analyst recommendations on JSE-listed and delisted companies, published over the period 1995 to 2011. In addition, two...

Most existing studies conclude that the accuracy of analysts' target prices is questionable. In forecasting target prices, analysts estimate a future stock price under the constraint of a time frame of usually 12 months. We exclude this source of uncertainty by focusing on valuations in takeover...

The value of technical analysis (TA) has been debated for decades; however, limited evidence exists on the profitability of investment recommendations issued by technical analysts. These ‘chartists' sometimes claim that TA is an art rather than a science. We evaluated more than 5000 TA-based...