Stock Prices and Financial Analysts' Recommendations

  • Author(s): JAMES H. BJERRING, JOSEF LAKONISHOK, THEO VERMAELEN
  • Published: Apr 30, 2012
  • Pages: 187-204
  • DOI: 10.1111/j.1540-6261.1983.tb03634.x

ABSTRACT

The recommendations of a Canadian brokerage house are evaluated by a number of techniques. The results reveal that an investor following the recommendations would have achieved significantly positive abnormal returns, even after allowing for transactions cost.

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