Anastasiya PogozhevaPublished in:
Russian Journal of Entrepreneurship
– № 7 / April, 2013



Keywords: analyst recommendations, brokerage firms, efficient-market hypothesis, event study, financial markets, stock evaluation


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Abstract:

Event study method development provided an instrument for testing efficient-market hypothesis in case of any news events publication that are typical for a company. One of the types of news that are important for the traded companies and that are issued regularly is the review of recommendation on the stock that are published by the investment banks. Key element of these recommendations is that their influence is supposed to be short-term. This characteristic increase the confidence level of the event study results dramatically.

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