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Three essays on stock recommendations
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Title
Three essays on stock recommendations
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ETD_1754
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http://hdl.rutgers.edu/1782.2/rucore10002600001.ETD.000051320
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eng
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theses
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Topic
Management
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Topic
Stocks--Forecasting
Subject
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Topic
Investment analysis
Abstract
This dissertation studies stock recommendations made by columnists and financial analysts. The first essay examines the value and profitability of columnist recommendations published in the Business Week, Forbes and Fortune magazines. Empirical results show that columnist recommendations are not profitable in the short- or long-run controlling for market risk, book-to-market, size and momentum effects. The second essay examines the relation between the value of analysts’ recommendations and corporate research and development (R&D) investments. Univariate, calendar-time portfolio and cross-sectional analyses controlling for risk, business complexity, earnings value-relevance, analyst coverage, institutional ownership and bid-ask spread indicate the value of analysts’ recommendations to be significantly more valuable for firms that are more intensely engaged in R&D investments. The final essay, using stock recommendations, examines Regulation FD’s impact on corporate practice of earnings-related selective disclosure to financial analysts. The comparative analysis of the association between analysts’ revisions and subsequent earnings surprises, in the pre- and post- Regulation FD periods reveals a significant reduction in analysts’ earnings-related private information in the post-Regulation FD period.
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electronic resource
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x, 138 p. : ill.
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Note
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Ph.D.
Note
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Includes bibliographical references (p. 130-137)
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by Ari Yezegel
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Yezegel
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Ari
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1981
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Ari Yezegel
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Palmon
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Dan
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chair
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Dan Palmon
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Sudit
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Ephraim
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internal member
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Ephraim F. Sudit
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Kleinman
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Gary
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Gary Kleinman
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El-Gazzar
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Samir
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Samir M. El-Gazzar
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Rutgers University
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degree grantor
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Graduate School - Newark
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2009
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2009-05
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xx
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Rutgers University Electronic Theses and Dissertations
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ETD
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Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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doi:10.7282/T3FN16DX
Genre
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ETD doctoral
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Rights
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The author owns the copyright to this work.
Copyright
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Copyright protected
Notice
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Availability
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Open
Reason
Permission or license
Note
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Yezegel
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Ari
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Ari Yezegel
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Rutgers University. Graduate School - Newark
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Author Agreement License
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I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
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