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This paper investigates the investment value of individual investors’ stock recommendations within online communities …. We find that aggregated recommendations contain no explicit investment value and that following these recommendations may … have a negative impact on investment performance. Our results suggest that recommendations are mostly based on simple …
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Brokerage houses usually organize their research activities by country or economic sector. We evaluate which research structure provides most value to investors. To do so, we study the relative information content of recommendations issued by country-specialized analysts and sector-specialized...
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The purpose of this paper is to investigate the effects of stock recommendations in returns and trading volumes. Unlike previous research we have investigated the five most usual types of recommendations: buy, outperform, hold, underperform and sell. The methodology we propose is also different...
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This paper analyses the initiated and changed recommendations published in six well-known Swedish newspapers and business magazines for the period 1996-2000 using a buy-and-hold abnormal returns (BHARs) approach. The results distinguish between recommendations from analysts and journalists. Buy...
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should not rely solely on analysts’ recommendations in their investment decisions and should follow SEC’s advice to do their …
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