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A Review of Research Related to Financial Analysts' Forecasts and Stock RecommendationsSundaresh RamnathUniversity of Miami - Department of Accounting Steve RockUniversity of Colorado at Boulder - Department of Accounting Philip B. ShaneUniversity of Virginia - McIntire School of Commerce; University of Auckland - Faculty of Business & Economics June 30, 2008 Abstract: This paper reviews research regarding the role of financial analysts in capital markets. The paper builds on the perspectives provided by Schipper (1991) and Brown (1993). We categorize papers published mainly since 1992 and selectively discuss aspects of these papers that address or suggest key research topics of ongoing interest in seven broad areas: analysts' decision processes, the determinants of analyst expertise and distributions of individual analysts' forecasts, the informativeness of analysts' research outputs, analyst and market efficiency with respect to information, effects of analysts' economic incentives on their research outputs, effects of the institutional and regulatory environment (including cross-country comparisons), and the limitations of databases and various research paradigms.
Number of Pages in PDF File: 117 Keywords: Financial analyst forecasts, analyst recommendations JEL Classification: G29, G14, G15, M41, M47 working papers seriesDate posted: November 16, 2005 ; Last revised: April 27, 2010Suggested CitationContact Information
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