Evaluating analysts' value: evidence from recommendation revisions around stock price jumps

George J. Jiang and Woojin Kim ()

The European Journal of Finance, 2016, vol. 22, issue 3, 167-194

Abstract: Recent studies document that analyst recommendation revisions tend to coincide with important corporate events, but offer mixed evidence on whether these revisions still contain significant information content. In this paper, we use large discontinuous changes, known as jumps , in stock prices as proxy for significant events and examine the information content of analyst revisions. We find that although recommendation revisions are more likely to be clustered around stock price jumps, they still contain significant information, especially those issued prior to jumps.

Date: 2016
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DOI: 10.1080/1351847X.2014.960979

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