When are analyst recommendation changes influential?

Review of Financial Studies

Volumn 24, Issue 2, 2011, Pages 593-627

  Loh, Roger K ^a   Stulz, René M ^b  

^a SINGAPORE MANAGEMENT UNIVERSITY   (Singapore)

^b OHIO STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79251470167     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhq094     Document Type: Article

References (33)

1. Altinkilic, O., and R. S. Hansen. 2009. On the Information Role of Stock Recommendation Revisions. Journal of Accounting and Economics 48:17-36.
2. Asquith, P., M. B. Mikhail, and A. Au. 2005. Information Content of Equity Analyst Reports. Journal of Financial Economics 75:245-82.
3. Barber, B. M., R. Lehavy, M. McNichols, and B. Trueman. 2006. Buys, Holds, and Sells: The Distribution of Investment Banks' Stock Ratings and the Implications for the Profitability of Analysts' Recommendations. Journal of Accounting and Economics 41:87-117.
4. Boni, L. 2006. Analyzing the Analysts after the Global Settlement. In Y. Fuchita and R. E. Litan (eds.), Financial Gatekeepers: Can They Protect Investors? Brookings Institution Press and the Nomura Institute of Capital Markets Research.
5. Boni, L., and K. L. Womack. 2006. Analysts, Industries, and Price Momentum. Journal of Financial &Quantitative Analysis 41:85-109.
6. Bradley, D. J., B. D. Jordan, and J. R. Ritter. 2008. Analyst Behavior Following IPOs: The "Bubble Period" Evidence. Review of Financial Studies 21:101-33.
7. Chen, Q., J. Francis, and K. Schipper. 2005. The Applicability of the Fraud on the Market Presumption to Analysts' Forecasts. Working Paper, Duke University.
8. Clement, M. B., and S. Y. Tse. 2003. Do Investors Respond to Analysts' Forecast Revisions as If Forecast Accuracy Is All That Matters? Accounting Review 78:227-49.
9. Cooper, R. A., T. E. Day, and C. M. Lewis. 2001. Following the Leader: A Study of Individual Analysts' Earnings Forecasts. Journal of Financial Economics 61:383-416.
10. Daniel, K., M. Grinblatt, S. Titman, and R. Wermers. 1997. Measuring Mutual Fund Performance with Characteristic-based Benchmarks. Journal of Finance 52:1035-58.
11. Fama, E. F., and K. R. French. 1997. Industry Costs of Equity. Journal of Financial Economics 43:153-93.
12. -. 2006. The Value Premium and the CAPM. Journal of Finance 61:2163-85.
13. Fang, L., and A. Yasuda. 2008. Are Stars' OpinionsWorth More? The Relation between Analyst Reputation and Recommendation Values. Working Paper, University of Pennsylvania.
14. Frankel, R., S. P. Kothari, and J.Weber. 2006. Determinants of the Informativeness of Analyst Research. Journal of Accounting and Economics 41:29-54.
15. Gintschel, A., and S. Markov. 2004. The Effectiveness of Regulation FD. Journal of Accounting and Economics 37:293-314.
16. Gleason, C. A., and C. M. C. Lee. 2003. Analyst Forecast Revisions and Market Price Discovery. Accounting Review 78:193-225.
17. Hong, H., J. C. Stein, and J. Yu. 2007. Simple Forecasts and Paradigm Shifts. Journal of Finance 62:1207-42.
18. Irvine, P. J. 2004. Analysts' Forecasts and Brokerage-firm Trading. Accounting Review 79:125-49.
19. Ivkovic, Z., and N. Jegadeesh. 2004. The Timing and Value of Forecast and Recommendation Revisions. Journal of Financial Economics 73:433-63.
20. Jegadeesh, N., and W. Kim. 2010. Do Analysts Herd? An Analysis of Recommendations and Market Reactions. Review of Financial Studies 23:901-37.
21. Kadan, O., L. Madureira, R. Wang, and T. Zach. 2009. Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations. Review of Financial Studies 22:4189-217.
22. Kecskes, A., R. Michaely, and K. L. Womack. 2009. What Drives the Value of Analysts' Recommendations: Earnings Estimates or Discount Rate Estimates? Working Paper, Darthmouth College.
23. Knez, P. J., and M. J. Ready. 1997. On the Robustness of Size and Book-to-market in Cross-sectional Regressions. Journal of Finance 52:1355-82.
24. Ljungqvist, A., C. J. Malloy, and F. C. Marston. 2009. Rewriting History. Journal of Finance 64:1935-60.
25. Ljungqvist, A., F. Marston, and W. J. Wilhelm. 2009. Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-management Appointments. Review of Financial Studies 22:3977-4007.
26. Llorente, G., R. Michaely, G. Saar, and J. Wang. 2002. Dynamic Volume-return Relation of Individual Stocks. Review of Financial Studies 15:1005-47.
27. Loh, R. K. 2010. Investor Inattention and the Underreaction to Stock Recommendations. Financial Management 39:1223-51.
28. Loh, R. K., and G. M. Mian. 2006. Do Accurate Earnings Forecasts Facilitate Superior Investment Recommendations? Journal of Financial Economics 80:455-83.
29. Malmendier, U., and D. Shanthikumar. 2007. Are Investors Naïve About Incentives? Journal of Financial Economics 85:457-89.
30. Mikhail, M. B., B. R. Walther, and R. H. Willis. 1997. Do Security Analysts Improve Their Performance with Experience? Journal of Accounting Research 35:131-57.
31. Stickel, S. E. 1995. The Anatomy of Buy and Sell Recommendations. Financial Analysts Journal 51:25-39.
32. Thompson, S. 2010. Simple Formulas for Standard Errors That Cluster by Both Firm and Time. Journal of Financial Economics, forthcoming.
33. Veldkamp, L. L. 2006. Information Markets and the Comovement of Asset Prices. Review of Economic Studies 73:823-45.