The value of stock analysts' recommendations: Evidence from emerging markets

Moshirian, F; Ng, D; Wu, E

The value of stock analysts' recommendations: Evidence from emerging markets

Moshirian, F Ng, D Wu, E

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Publisher:: Elsevier Inc
Publication Type:: Journal Article
Citation:: International Review of Financial Analysis, 2009, 18 (1-12), pp. 74 - 83
Issue Date:: 2009-01

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Field	Value	Language
dc.contributor.author	Moshirian, F	en_US
dc.contributor.author	Ng, D	en_US
dc.contributor.author	Wu, E	en_US
dc.date.issued	2009-01	en_US
dc.identifier.citation	International Review of Financial Analysis, 2009, 18 (1-12), pp. 74 - 83	en_US
dc.identifier.issn	1057-5219	en_US
dc.identifier.uri	http://hdl.handle.net/10453/15833
dc.description.abstract	This is the first study to empirically examine post-recommendation buy and hold abnormal returns in emerging markets. By analyzing a sample of 13 emerging countries over the decade from 1996 to 2005, we find that stock prices react strongly to stock analyst recommendations and revisions. We also find that there is a stronger positive bias in analyst recommendations and revisions in emerging markets compared with that in developed markets. In our cross-sectional analysis, we find that the Market-to-Book ratio is the primary indicator for Buy and Strong Buy recommendation regressions. This indicates that stock analysts in emerging markets prefer high growth stocks with attractive characteristics.	en_US
dc.publisher	Elsevier Inc	en_US
dc.relation.ispartof	International Review of Financial Analysis	en_US
dc.relation.isbasedon	10.1016/j.pacfin.2014.03.002	en_US
dc.subject.classification	Finance	en_US
dc.title	The value of stock analysts' recommendations: Evidence from emerging markets	en_US
dc.type	Journal Article
utslib.citation.volume	1-12	en_US
utslib.citation.volume	18	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1801 Law	en_US
dc.location.activity	Valletta, Malta
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	1-12	en_US
pubs.volume	18	en_US

Abstract:

This is the first study to empirically examine post-recommendation buy and hold abnormal returns in emerging markets. By analyzing a sample of 13 emerging countries over the decade from 1996 to 2005, we find that stock prices react strongly to stock analyst recommendations and revisions. We also find that there is a stronger positive bias in analyst recommendations and revisions in emerging markets compared with that in developed markets. In our cross-sectional analysis, we find that the Market-to-Book ratio is the primary indicator for Buy and Strong Buy recommendation regressions. This indicates that stock analysts in emerging markets prefer high growth stocks with attractive characteristics.

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http://hdl.handle.net/10453/15833