Διερεύνηση της μεταβλητότητας των συστάσεων των αναλυτών για τις μετοχές του Χρηματιστηρίου Αθηνών
Πούλιος, Αθανάσιος Μ.
In all Stock Markets are daily published recommendations from analysts for the future course of stock price indexes and so it appears the question if the investors consider these recommendations and if they gain profit. The present study starts with a review of the main researches about the effectiveness of the recommendations. In addition, there is an similar research in the Athens Stock Market regarding the period 01/01/2004-31/12/2006 and we will examine if the analysts’ change excusably their recommendations. The conclusion that emerges is that the investors barely react to upgrades and there are slender positive excess returns for a short term period and for a long term period there are negative returns. This reaction is bigger in the case of recommendations downgrades.