作者：Altinkilic, Oya; Hansen, Robert S.
作者单位：Tulane University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We examine the information transmission role of stock recommendation revisions by sell-side security analysts. Revisions are associated with economically insignificant mean price reactions and often piggyback on recent news, events, long-term momentum, and short-run contrarian return predictors, typically downgrading after bad news and upgrading after good news. However, the revisions are usually information-free for investors. The findings go against the long-standing view that recommendation...
