Value of Analyst Recommendations: International Evidence



Background and Research Questions



Market Performance

Table I: Sample Summary

Table II: Sample Coverage

Slide 10

Average Recommendations

Table IV: Sample

Table V: Momentum and Size

Table VI: Abnormal Returns following Revisions

Table VI: Observations

Large Vs. Small Brokerages

Slide 17

Source of Superiority

Common Set of Stocks

Growth Vs. Value

Table VII
Stocks with U.S. and Foreign Analyst Coverage

Table VIII
Cumulative Returns (Table VII stocks)

Table VIII-Observations

Abnormal Volume around Revisions

Slide 25

Calendar Time Strategy

Table IX: EW Calendar-Time Strategy

Table IX: VW Calendar-Time

Trading strategy: Observations

Concluding Remarks

Concluding Remarks