Barber, Brad M.; Lehavy, Reuven; Trueman, Brett - In: Financial Management 39 (2010) 2, pp. 533-553
"We show that abnormal returns to analysts' recommendations stem from both the ratings levels assigned and the changes in those ratings. Conditional on the ratings change, buy and strong buy recommendations have greater returns than do holds, sells, and strong sells. Conditional on the ratings...
