On the association between brokerage disclosures and analyst recommendations

Wood, Katie (2010). On the association between brokerage disclosures and analyst recommendations Honours Thesis, UQ Business School, The University of Queensland.

       
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Author Wood, Katie
Thesis Title On the association between brokerage disclosures and analyst recommendations
School, Centre or Institute UQ Business School
Institution The University of Queensland
Publication date 2010-10
Thesis type Honours Thesis
Supervisor Irene Tutticci
Total pages 93
Language eng
Subjects 1502 Banking, Finance and Investment
Abstract/Summary This thesis is the first research to utilise the broker disclosures relating to sell-side analyst recommendations which were introduced following modifications to NASD Rule 2711 in 2002. The disclosures are intended to enable investors to assess the credibility of a recommendation upon its announcement and can be considered a proxy for the likely bias affecting the recommendations of analysts affiliated with investment banks. This thesis tests the market reaction to the disclosures to determine whether investors find them to be useful in the short-term and investigates the association between the broker disclosures and analyst recommendation performance and accuracy over the long-term. The evidence suggests that the disclosures contain incremental information to the recommendation event. However, the results are not supportive of an association between the additional disclosures and six or 12 month holding period stock returns, consistent with efficient markets.

 
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Created: Tue, 17 Jul 2012, 11:25:28 EST by Karen Morgan on behalf of UQ Business School