Market reactions to stock rating and target price changes in analyst reports: Evidence from Japan

Shohei Ishigami and Fumiko Takeda

Journal of International Financial Markets, Institutions and Money, 2018, vol. 52, issue C, 134-151

Abstract: We aim to perform a comprehensive analysis of the effects of stock ratings and target prices published in the Japanese markets using a large number of analyst reports. Our study is the first to cover reports published by six domestic brokerage firms and ten foreign brokerage firms. In addition to the impact of rating changes on stock prices, we provide analyses on the combined effects of stock ratings and target prices. Furthermore, we find that market responses are affected by the information quality of securities companies issuing analyst reports and the number of reports issued on the same day.

Keywords: Stock recommendation; Stock rating; Event study; Efficient market (search for similar items in EconPapers)
JEL-codes: G11 G14 G24 M41 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:52:y:2018:i:c:p:134-151

DOI: 10.1016/j.intfin.2017.09.014

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