The average dividend yield on the Czech capital market from 1995 to 1999 was 4.8%. Stocks with high dividend yields (5.5%) exhibited non-rational price pressures after their ex-dividend date. The average over-the-period return in the four days following the ex date was negative 4.7% ? stock...

Are the analyst's recommendations trustworthy on the Czech capital market? Do the stock prices develop in a conjunction with the analyst's expectations expressed by their recommendations to buy/hold/sell stocks? The intent of the article will be to evaluate ability of security analysts to...