This surveys reviews research regarding the role of financial analysts in capital markets. The survey builds on the perspectives provided by Schipper (1991) and Brown (1993). We categorize papers published mainly since 1992 and selectively discuss aspects of these papers that address or suggest key research topics of ongoing interest in seven broad areas: analysts' decision processes, the determinants of analyst expertise and distributions of individual analysts' forecasts, the informativeness of analysts' research outputs, analyst and market efficiency with respect to information, effects of analysts' economic incentives on their research outputs, effects of the institutional and regulatory environment (including cross-country comparisons), and the limitations of databases and various research paradigms. ABSTRACT FROM AUTHOR
%0 Journal Article
%1 ramnath2006financial
%A Ramnath, Sundaresh
%A Rock, Steve
%A Shane, Philip B.
%D 2006
%J Foundations & Trends in Finance
%K CREF4 Monahan
%N 4
%P 311 - 421
%T Financial Analysts' Forecasts and Stock Recommendations: A Review of the Research.
%U http://ezproxy.insead.edu:80/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=34632499&site=ehost-live
%V 2
%X This surveys reviews research regarding the role of financial analysts in capital markets. The survey builds on the perspectives provided by Schipper (1991) and Brown (1993). We categorize papers published mainly since 1992 and selectively discuss aspects of these papers that address or suggest key research topics of ongoing interest in seven broad areas: analysts' decision processes, the determinants of analyst expertise and distributions of individual analysts' forecasts, the informativeness of analysts' research outputs, analyst and market efficiency with respect to information, effects of analysts' economic incentives on their research outputs, effects of the institutional and regulatory environment (including cross-country comparisons), and the limitations of databases and various research paradigms. ABSTRACT FROM AUTHOR
@article{ramnath2006financial,
abstract = {This surveys reviews research regarding the role of financial analysts in capital markets. The survey builds on the perspectives provided by Schipper (1991) and Brown (1993). We categorize papers published mainly since 1992 and selectively discuss aspects of these papers that address or suggest key research topics of ongoing interest in seven broad areas: analysts' decision processes, the determinants of analyst expertise and distributions of individual analysts' forecasts, the informativeness of analysts' research outputs, analyst and market efficiency with respect to information, effects of analysts' economic incentives on their research outputs, effects of the institutional and regulatory environment (including cross-country comparisons), and the limitations of databases and various research paradigms. [ABSTRACT FROM AUTHOR]},
added-at = {2010-03-16T00:29:13.000+0100},
author = {Ramnath, Sundaresh and Rock, Steve and Shane, Philip B.},
biburl = {https://www.bibsonomy.org/bibtex/20c3dd92ac0f63105569253cc77efb1b2/dwpeg},
interhash = {4dae62b3cd9665a107c6fa18154a7f35},
intrahash = {0c3dd92ac0f63105569253cc77efb1b2},
issn = {15672395},
journal = {Foundations & Trends in Finance},
keywords = {CREF4 Monahan},
number = 4,
pages = {311 - 421},
timestamp = {2010-03-25T14:22:48.000+0100},
title = {Financial Analysts' Forecasts and Stock Recommendations: A Review of the Research.},
url = {http://ezproxy.insead.edu:80/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=34632499&site=ehost-live},
volume = 2,
year = 2006
}