Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/66684
Erscheinungsjahr: 
2009
Quellenangabe: 
[Journal:] Estudios de Economía [ISSN:] 0718-5286 [Volume:] 36 [Issue:] 1 [Publisher:] Universidad de Chile, Departamento de Economía [Place:] Santiago de Chile [Year:] 2009 [Pages:] 33-46
Verlag: 
Universidad de Chile, Departamento de Economía, Santiago de Chile
Zusammenfassung: 
The purpose of this paper is to investigate the effects of stock recommendations in returns and trading volumes. Unlike previous research we have investigated the five most usual types of recommendations: buy, outperform, hold, underperform and sell. The methodology we propose is also different from previous studies. From our results we conclude that positive (negative) abnormal returns are associated to positive (negative and neutral) recommendations, the day of publication of the recommendation and the day before, but not the day after publication. We also document an asymmetry in the effect of recommendation on the stock trading volume, following the sign of the recommendation.
Schlagwörter: 
stock recommendations
abnormal returns
trading volumes
price pressure hypothesis
information content hypothesis
JEL: 
G14
Dokumentart: 
Article

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