Analyzing The Analysts : When Do Recommendations Add Value ?  

Oleh:

Jegadeesh, Narasimhan ; Krische, Susdan D. ; Lee, Charles M.C. ; Kim Joonghyuk

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 3 (Jun. 2004), page 1083-1124.
Topik: ANALYZING EQUITY; analysts; securities analysis; investment policy; rates of return; stock prices; studies
Fulltext: p 1083.pdf (303.79KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We show that analysts from sell - side firms generally recommend "glamour" (i. e. positive momentum, high growth, high volume, and relatively expensive) stocks. Naive adherence to these recommendations can be costly, because the level of the consensus recommendation adds value only among stocks with favorable quantitative characteristics (i. e. value stocks and positive momentum stocks). In fact, among stocks with unfavorable quantitative characteristics, higher consensus recommendations are associated with worse subsequent returns. In contrast, we find that the quarterly change in consensus recommendations is a robust return predictor that appears to contain information orthogonal to a large range of other predictive variables.

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