کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5087126 | 1478204 | 2006 | 31 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Buys, holds, and sells: The distribution of investment banks' stock ratings and the implications for the profitability of analysts' recommendations
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
This paper analyzes the distribution of stock ratings at investment banks and brokerage firms and examines whether these distributions can predict the profitability of analysts' recommendations. We document that the percentage of buys decreased steadily starting in mid-2000, likely due, at least partly, to the implementation of NASD Rule 2711, requiring the public dissemination of ratings distributions. Additionally, we find that a broker's ratings distribution can predict recommendation profitability. Upgrades to buy (downgrades to hold or sell) issued by brokers with the smallest percentage of buy recommendations significantly outperformed (underperformed) those of brokers with the greatest percentage of buys.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 41, Issues 1â2, April 2006, Pages 87-117
Journal: Journal of Accounting and Economics - Volume 41, Issues 1â2, April 2006, Pages 87-117
نویسندگان
Brad M. Barber, Reuven Lehavy, Maureen McNichols, Brett Trueman,