Αξιολόγηση της χρησιμότητας των συστάσεων των επενδυτικών συμβούλων στα πλαίσια της ελληνικής χρηματιστηριακής αγοράς
Παπαδόπουλος, Ιωάννης Α.
SubjectΧρηματιστήριο Αξιών Αθηνών ; Ανάλυση επενδύσεων ; Μετοχές ; Stock price forecasting -- Mathematical models
This study aims at investigating the effectiveness of the analysts’ recommendations as well as their revised recommendations published for companies listed on the Athens Stock Exchange (ASE) for the period starting 1/2005-12/2007. The recommendations to shareholders were collected from the daily electronic press and were used to form the sample of the study. Following the typical methodology of the relevant bibliography, the analysts’ recommendations were classified in portfolios according to the kind of the recommendation (Strong Buy, Buy, Hold, Sell). The above procedure was repeated, using as criteria the revised recommendations, the number of the recommendations per company and the market capitalization of the companies in the sample. The results suggest that the analysts’ recommendations are taken into account by the investors influencing the excess returns of the suggested stocks for o short-term period, especially for the day following the publication. It is shown that the analysts’ recommendations are more useful for the stocks of the small companies.