SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES

The purpose of this paper is to investigate the effects of stock recommendations in returns and trading volumes. Unlike previous research we have investigated the five most usual types of recommendations: buy outperform, hold, under-perform and sell. The methodology we propose is also different from...

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Autores principales:	García Blandón,Josep, Argilés Bosch,Josep María
Lenguaje:	English
Publicado:	Universidad de Chile. Departamento de Economía 2009
Materias:	Stock recommendations abnormal returns trading volumes price pressure hypothesis information content hypothesis
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862009000100002
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spelling	oai:scielo:S0718-528620090001000022010-03-17SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMESGarcía Blandón,JosepArgilés Bosch,Josep María Stock recommendations abnormal returns trading volumes price pressure hypothesis information content hypothesis The purpose of this paper is to investigate the effects of stock recommendations in returns and trading volumes. Unlike previous research we have investigated the five most usual types of recommendations: buy outperform, hold, under-perform and sell. The methodology we propose is also different from previous studies. From our results we conclude that positive (negative) abnormal returns are associated to positive (negative and neutral) recommendations, the day of publication of the recommendation and the day before, but not the day after publication. We also document an asymmetry in the effect of recommendation on the stock trading volume, following the sign of the recommendation.info:eu-repo/semantics/openAccessUniversidad de Chile. Departamento de EconomíaEstudios de economía v.36 n.1 20092009-06-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862009000100002en10.4067/S0718-52862009000100002
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Stock recommendations abnormal returns trading volumes price pressure hypothesis information content hypothesis
spellingShingle	Stock recommendations abnormal returns trading volumes price pressure hypothesis information content hypothesis García Blandón,Josep Argilés Bosch,Josep María SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES
description	The purpose of this paper is to investigate the effects of stock recommendations in returns and trading volumes. Unlike previous research we have investigated the five most usual types of recommendations: buy outperform, hold, under-perform and sell. The methodology we propose is also different from previous studies. From our results we conclude that positive (negative) abnormal returns are associated to positive (negative and neutral) recommendations, the day of publication of the recommendation and the day before, but not the day after publication. We also document an asymmetry in the effect of recommendation on the stock trading volume, following the sign of the recommendation.
author	García Blandón,Josep Argilés Bosch,Josep María
author_facet	García Blandón,Josep Argilés Bosch,Josep María
author_sort	García Blandón,Josep
title	SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES
title_short	SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES
title_full	SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES
title_fullStr	SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES
title_full_unstemmed	SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES
title_sort	short-term effects of analysts recommendations in spanish blue chips returns and trading volumes
publisher	Universidad de Chile. Departamento de Economía
publishDate	2009
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862009000100002
work_keys_str_mv	AT garciablandonjosep shorttermeffectsofanalystsrecommendationsinspanishbluechipsreturnsandtradingvolumes AT argilesboschjosepmaria shorttermeffectsofanalystsrecommendationsinspanishbluechipsreturnsandtradingvolumes
_version_	1714205034794713088

SHORT-TERM EFFECTS OF ANALYSTS RECOMMENDATIONS IN SPANISH BLUE CHIPS RETURNS AND TRADING VOLUMES

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