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Contribution Details
| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Analyst Recommendations and Stock Returns |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 71 |
| Date | 2019 |
| Abstract Text | This study investigates the short and longer run impact of analysts' stock recommendation revisions on stock performance in the Swiss and the German market. Furthermore, the opportunity to earn abnormal returns with consensus stock recommendations is evaluated in a portfolio strategy. The study nds statistically and economically signi cant mean abnormal returns at the revision dates but no permanently existing, signi cant abnormal returns in the months following the revisions. When excluding the largest rms, a long-short portfolio, that buys stocks with the most favorable consensus recommendations and sells short stocks with the least favorable ones, indicates the possibility of abnormal returns. |
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