Abstract
This study examines the performance of analyst recommendations made for securities listed in the Istanbul Stock Exchange (ISE). We investigate the long-run abnormal returns of a trading strategy that purchases (sells) stocks with the most (least) favorable recommendations. We also examine the short term price reaction to recommendation revisions. Our results are consistent with analysts not possessing superior stock picking ability.
| Original language | English |
|---|---|
| Pages (from-to) | 491-503 |
| Journal | International Review of Applied Financial Issues and Economics |
| Volume | 3 |
| Issue number | 3 |
| State | Published - 2011 |