Stock Prices and Financial Analysts' Recommendations
- Full Text PDF
- 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
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.