English, Article, Journal or magazine article edition: The value of analysts’ recommendations and the organization of financial research Salva, C.; Sonney, F.

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The value of analysts’ recommendations and the organization of financial research
Author
  • Salva, C.
  • Sonney, F.
Physical Description
  • preprint
Notes
  • Brokerage houses usually organize their research activities by country or economic sector. We evaluate which research structure provides most value to investors. To do so, we study the relative information content of recommendations issued by country-specialized analysts and sector-specialized analysts. Our findings show that the former issue more valuable recommendations. The strength of country-specific commonalities explains at least part of the better performance of country-specialized financial analysts. Surprisingly, although analysts’ geographic location has been shown in the literature to be a determinant of earnings forecast accuracy, it is not a source of a comparative advantage when it comes to stock recommendations.
  • financial analysts, stock recommendations, country and sector factors, geography
  • RePEc:vlg:vlgwps:2009-10
Language
  • English
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