Using the industry and firm recommendations data obtained from WIND during 2004-2013,this study examines the market reaction to affiliated and unaffiliated analysts’recommendations.I find that affiliated analysts’fi...
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Using the industry and firm recommendations data obtained from WIND during 2004-2013,this study examines the market reaction to affiliated and unaffiliated analysts’recommendations.I find that affiliated analysts’firm recommendations are more favorable than those of unaffiliated *** results indicate that combining industry and firm recommendations would generate abnormal returns,combining industry and unaffiliated analysts’firm recommendations would add much value to investors.
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