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An Analysis of Stock Recommendations

John Morgan and P. Stocken

Working Papers from Princeton, Woodrow Wilson School - Public and International Affairs

Abstract: We analyze the information content of stock recommendations by a sell-side equity analyst when investors are uncertain about the analyst's incentives. In our model, an analyst can either be "unbiased", having incentives that are congruent with those of the investor, or "biased, having incongruent incentives.

Keywords: INFORMATION; STOCK MARKET; UNCERTAINTY (search for similar items in EconPapers)
JEL-codes: D82 G29 (search for similar items in EconPapers)
Pages: 33 pages
Date: 1998
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Journal Article: An Analysis of Stock Recommendations (2003)
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