Prophets during boom and gloom downunder

Azzi, S; Bird, R

Prophets during boom and gloom downunder

Azzi, S Bird, R

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Publication Type:: Journal Article
Citation:: Global Finance Journal, 2005, 15 (3 SPEC. ISS.), pp. 337 - 367
Issue Date:: 2005-01-01

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Field	Value	Language
dc.contributor.author	Azzi, S	en_US
dc.contributor.author	Bird, R https://orcid.org/0000-0003-0524-9377	en_US
dc.date.issued	2005-01-01	en_US
dc.identifier.citation	Global Finance Journal, 2005, 15 (3 SPEC. ISS.), pp. 337 - 367	en_US
dc.identifier.issn	1044-0283	en_US
dc.identifier.uri	http://hdl.handle.net/10453/5370
dc.description.abstract	It has become more apparent in recent years that equity analysts come under much internal and external pressure that is likely to dilute the value of their forecasts and recommendations. In this paper we find, similar to Jegadeesh et al. (Jegadeesh, N., Kim, J., Krische, S., Lee, C., 2004, Analyzing the Analysts: When Do Recommendations Add Value? Journal of Finance 59, 1083-1124.), that Australian analysts consistently favour large high momentum growth stocks and that their recommendations, if anything, have negative value with the exception of those made in relation to low momentum growth stocks. However, we do find evidence to suggest that changes in the analysts' recommendations could provide a useful input into one's investment decisions. When we divided our sample up into the growth market of the late 1990s and the falling market of the early 2000s, we find that analysts were moving their recommendations (even) more towards high momentum growth stocks during the boom years but in the opposite direction during the gloom years. © 2004 Published by Elsevier Inc.	en_US
dc.relation.ispartof	Global Finance Journal	en_US
dc.relation.isbasedon	10.1016/j.gfj.2004.09.002	en_US
dc.subject.classification	Finance	en_US
dc.title	Prophets during boom and gloom downunder	en_US
dc.type	Journal Article
utslib.citation.volume	3 SPEC. ISS.	en_US
utslib.citation.volume	15	en_US
utslib.for	150201 Finance	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
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.issue	3 SPEC. ISS.	en_US
pubs.publication-status	Published	en_US
pubs.volume	15	en_US

Abstract:

It has become more apparent in recent years that equity analysts come under much internal and external pressure that is likely to dilute the value of their forecasts and recommendations. In this paper we find, similar to Jegadeesh et al. (Jegadeesh, N., Kim, J., Krische, S., Lee, C., 2004, Analyzing the Analysts: When Do Recommendations Add Value? Journal of Finance 59, 1083-1124.), that Australian analysts consistently favour large high momentum growth stocks and that their recommendations, if anything, have negative value with the exception of those made in relation to low momentum growth stocks. However, we do find evidence to suggest that changes in the analysts' recommendations could provide a useful input into one's investment decisions. When we divided our sample up into the growth market of the late 1990s and the falling market of the early 2000s, we find that analysts were moving their recommendations (even) more towards high momentum growth stocks during the boom years but in the opposite direction during the gloom years. © 2004 Published by Elsevier Inc.

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http://hdl.handle.net/10453/5370