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  1. 1. Do Bold Prophecies Lead to Higher Profits?

    D-uppsats, Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Författare :Adrian Brun; Carl Oscar Nyh; [2016]
    Nyckelord :Stock recommendations; Sell-side analysts; Herding; Regulation Fair Disclosure;

    Sammanfattning : 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