The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Analyzing the Analysts: When Do Recommendations Add Value?
Open accessAbstract
We show that analysts from sell‐side firms generally recommend “glamour” (i.e., positive momentum, high growth, high volume, and relatively expensive) stocks. Naïve 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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Citations
Cites
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Self-citation
Cited by
… and the Cross-Section of Expected Returns
Harvey, C. R., Liu, Y., & Zhu, H. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhv059 · Cited by 2,119
Ioannou, I., & Serafeim, G. (2015) · Strategic Management Journal · doi:10.1002/smj.2268 · Cited by 1,124
The Disposition Effect and Underreaction to News
FRAZZINI, A. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00896.x · Cited by 874
Testing Asymmetric-Information Asset Pricing Models
Kelly, B., & Ljungqvist, A. (2012) · Review of Financial Studies · doi:10.1093/rfs/hhr134 · Cited by 580
Are small investors naive about incentives?
Malmendier, U., & Shanthikumar, D. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.02.001 · Cited by 544
Metadata
- Authors
- Jegadeesh, N., Kim, J., Krische, S. D., & Lee, C. M. C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-06
- Volume
- 59
- Issue
- 3
- Pages
- 1083-1124
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2055958150
- Cited by
- 981
- References
- 2
- FWCI
- 65.59
- Type
- journal article
- Language
- en
- Open access
- bronze
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
