Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/147648
Title: VALUE OF FINANCIAL ANALYSTS’ RECOMMENDATIONS DURING FINANCIAL CRISIS
Authors: JAMES WIJAYA
Issue Date: 2012
Citation: JAMES WIJAYA (2012). VALUE OF FINANCIAL ANALYSTS’ RECOMMENDATIONS DURING FINANCIAL CRISIS. ScholarBank@NUS Repository.
Abstract: Our study examines the impact of recommendation revisions in the US and Japanese markets during the Global Financial Crisis (GFC). We find that there is significant evidence that, during GFC, recommendation revisions generate greater magnitudes of share price reactions in the US market but less evidence of such in the Japanese market. We find that the US and Japanese investors react more positively for recommendation upgrades and more negatively for recommendation downgrades. We do not find significant evidence that investors are driven by their sentiments when making their trading decisions in a sentiment-driven market. Last, our results suggest that there is an increase in the level of divergence of analysts? recommendations in the US and Japanese markets in industries with less stable environment during the GFC. For industries with more stable environment, we find that the level of divergence in analysts? recommendations decreases in the US market and remains statistically consistent in the Japanese market.
URI: http://scholarbank.nus.edu.sg/handle/10635/147648
Appears in Collections:Bachelor's Theses

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