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The Anatomy of the Performance of Buy and Sell Recommendations
Abstract
Brokerage house buy and sell recommendations influence stock prices. Short-term price reaction is a function of the strength of the recommendation, the magnitude of the change in recommendation, the reputation of the analyst, the size of the brokerage house, the size of the recommended firm, and contemporaneous earnings forecast revisions. The strength of the recommendation, firm size, and contemporaneous earnings forecast revisions are associated with price changes that appear to be permanent, information effects. The magnitude of the change in recommendation, analyst reputation, and broker size appear to have temporary, price pressure effects.
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Citations
Cited by
Representativeness revisited: Attribute substitution in intuitive judgment.
Kahneman, D., & Frederick, S. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.004 · Cited by 3,476
Slovic, P., Finucane, M., Peters, E., & MacGregor, D. G. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.025 · Cited by 2,349
Do Brokerage Analysts' Recommendations Have Investment Value?
WOMACK, K. L. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05205.x · Cited by 1,931
Support theory: a nonextensional representation of subjective probability
Tversky, A., & Koehler, D. J. (1994) · Psychological Review · doi:10.1037/0033-295x.101.4.547 · Cited by 1,167
Ioannou, I., & Serafeim, G. (2015) · Strategic Management Journal · doi:10.1002/smj.2268 · Cited by 1,124
Metadata
- Authors
- Stickel, S. E.
- Venue
- Financial Analysts Journal
- Publisher
- Informa UK Limited
- Published
- 1995-09
- Volume
- 51
- Issue
- 5
- Pages
- 25-39
- ISSN
- 0015-198X (ISSN-L)
- 1938-3312
- OpenAlex
- W2133300021
- Cited by
- 726
- References
- 0
- FWCI
- 11.39
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: The Anatomy of the Performance of Buy and Sell Recommendations. https://app.cochat.ai/papers/10.2469/faj.v51.n5.1933
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- Stickel, S. E. (1995). The Anatomy of the Performance of Buy and Sell Recommendations. Financial Analysts Journal. https://doi.org/10.2469/faj.v51.n5.1933
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
