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1. Do Bold Prophecies Lead to Higher Profits?
D-uppsats, Handelshögskolan i Stockholm/Institutionen för finansiell ekonomiSammanfattning : We find that non-herding ("bold") recommendations - defined as those deviating from last day's consensus by more than one level - had a greater investment value than herding recommendations prior to Regulation Fair Disclosure, which became effective in October, 2000. Indeed, a value-weighted portfolio that purchased S&P 100 companies with the most favourable consensus, made up of bold (all) recommendations, yielded a statistically significant (insignificant) annual abnormal gross return of 7. LÄS MER
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