Please use this identifier to cite or link to this item:
|Title:||Initiation of brokers' recommendations, market predictors and stock returns|
Australian Stock Exchange
|Source:||Chan, H.W.H.,Brown, R.,Ho, Y.K. (2006). Initiation of brokers' recommendations, market predictors and stock returns. Journal of Multinational Financial Management 16 (3) : 213-231. ScholarBank@NUS Repository. https://doi.org/10.1016/j.mulfin.2005.07.004|
|Abstract:||We study more than 5000 broker recommendations on companies listed on the Australian Stock Exchange, focusing in particular on 'initiating recommendations'. We find that returns on initiating recommendations are significantly different from zero in the 6 months following the release of the recommendation. We also find that 'strong buy' and 'buy' recommendations provide better predictions than those formed from market-based variables cited in the literature. In contrast to the short event window studies in the US, there is no significant difference between returns on initiating and continuing recommendations. Mean returns on all categories of recommendations on technology-related companies are negative, reflecting the technology bubble in the period of our study. Finally, variables, such as broker prestige and membership of the Australian All Ordinaries Index have no explanatory power. © 2005 Elsevier B.V. All rights reserved.|
|Source Title:||Journal of Multinational Financial Management|
|Appears in Collections:||Staff Publications|
Show full item record
Files in This Item:
There are no files associated with this item.
checked on Dec 5, 2017
checked on Dec 8, 2017
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.