Journal of Financial and Quantitative Analysis: Volume 12 -

Abstract: Investor Objectives, Stock Recommendations and Abnormal Returns
John C. Groth
Published online by Cambridge University Press:

19 October 2009, p. 679
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Recommendations provided by brokerage houses are often classified as to investment term (near,…) and objective (growth,…). An extensive set of recommendations made during the years 1964-1970 was examined. Issues addressed included availability of descriptors and stocks categorized by descriptors: differences in risk; the presence and pattern of risk-adjusted returns for a 19-month period surrounding the recommendation; the differential impact on trading activity; the reaction of the market to the recommendations; and parallels between the results and previous research efforts by other authors.

Journal of Financial and Quantitative Analysis