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Autor
Pastusiak Radosław (University of Lodz, Poland), Keller Jakub (Uniwersytet Łódzki)
Tytuł
Stock Exchange Recommendations and Economic Realities
Źródło
Przedsiębiorczość i Zarządzanie, 2015, t. 16, z. 1, s. 113-139, tab., wykr. bibliogr. 15 poz.
Entrepreneurship and Management
Tytuł własny numeru
The Financial and Economic Aspects of Modern Management
Słowa kluczowe
Giełda, Rynek kapitałowy, Metody heurystyczne
Stock exchange, Capital market, Heuristics methods
Uwagi
summ.
Firma/Organizacja
Giełda Papierów Wartościowych w Warszawie
Warsaw Stock Exchange
Abstrakt
The aim of this paper is to present the impact of stock recommendations on the prices in the context of excessive optimism heuristic. The main goal of the conducted analysis is to show that investors on the Warsaw Stock Exchange seem to ignore the economic information that comes with the recommendation report. Also, as the analyzed recommendations are set in the specified economic conditions, authors would like to show that reports are biased with excessive optimism. The research of the structure of recommendations was issued for the biggest companies of the Polish market listed on the Warsaw Stock Exchange from 2009 to 2012. The investigation showed that the ambiguity of the creation methods of analytical reports and differences in valuation of companies causes subjectivism in analysts' assessments, which leads to heuristic effects. According to the authors, the structure of reports and their specificity shows that excessive optimism is an important factor in creation of stock exchange recommendations. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Pełny tekst
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Bibliografia
Pokaż
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  2. Barber B., Lehavy R., Muareen McN., Tueman B. (2001), Can investors profit from the prophets? Security Analyst Recommendations and stock returns, "Journal of Finance", 56, pp. 531-563.
  3. Barber B., Lehavy R, Trueman B., McNichols M. (2001), Prophets and Losses: Reassessing the Returns to Analysts' Stock Recommendations, Research Papers 1692, Stanford University, Graduate School of Business.
  4. Chang Y., Chan Ch. (2008), Financial analysts' stock recommendation revisions and stock price changes, "Applied Financial Economics" 2008, 18, pp. 309-325.
  5. Clarke J., Ferris S., Jayaraman N., Lee J. (2006), When are Analyst Recommendation Changes Influential?, "The Journal of Financial and Quantitative Analysis", Vol 41, No. 1 (Mar. ), pp. 169-196.
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  7. Fang L.H., Ayako Y. (2005), Are stars' opinions worth more? The relation between analyst reputation and recommendation values, "Wharton School Working Paper", March 15.
  8. Ho M.J., Harris R.S. (2000), Brokerage Analysts' Rationale for Investment Recommendations: Market Responses to Different Types of Information, "Journal of Financial Research", No 2.
  9. Jaffe J.F., Mahoney J.M. (1999), The Performance of Investment Newsletters, "Journal of Financial Economics", 53, pp. 289-307.
  10. Juergens J. (1999), How Do Stock Markets Process Analysts' Recommendations?, Working paper, Arizona State University - Department of Finance, May.
  11. Liu P., Smith S.D., Syed A.A. (1990), Stock price reactions to the Wall Street Journal's, Journal of financial and Quantitative Analysis 25 (03), 399-410.
  12. Loh R., Stulz R., Ohio State University (OSU) - Department of Finance, National Bureau of Economic Research (NBER), European Corporate Governance Institute (ECGI) August 26, 2010.
  13. Recommendations securities, "Journal of Financial and Quantitative Analysis", September, pp. 399-410.
  14. Stickel S. (1995), The Anatomy of the Performance of Buy and Sell Recommendations, "Financial Analysts Journal", 51, pp. 25-39.
  15. Walker M., and Hatfield G. (1996), Professional Stock Analysts' Recommendations: Implications for Individual Investors, "Financial Services Review", 5 (l), pp. 13-29.
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ISSN
1733-2486
Język
eng
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