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A close look on the impact and performance of financial analysts
Descriptive
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Title
A close look on the impact and performance of financial analysts
Name
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Lee
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Changhee
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1979-
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Changhee Lee
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author
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Dan
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Palmon
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Palmon Dan
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Advisory Committee
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chair
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Sudit
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Sudit Fred
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Sudit Fred Sudit
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Advisory Committee
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internal member
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(type = family)
Cheong
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Foong Soon
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Foong Soon Cheong
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Advisory Committee
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internal member
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Yezegel
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Ari
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Ari Yezegel
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Advisory Committee
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outside member
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Rutgers University
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degree grantor
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Graduate School - Newark
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Text
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theses
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2014
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2014-10
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2014
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xx
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eng
Abstract
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This dissertation consists of two essays on financial analysts’ stock recommendations. The first essay examines the relationship between corporate social responsibility (CSR) report and the value of financial analysts’ stock recommendation revisions. We find that the value of stock recommendations for socially responsible companies is lower than non-socially responsible companies. Also, we show that there is an inverse relation between the level of information on CSR strengths and concerns and the value of financial analysts’ stock recommendations. Furthermore, when we focus on the sensitivity of change of CSR ratings, our result indicates that the value of stock recommendations is negatively associated with a firm’s improvement on CSR score. As a firm experiences more change in social responsibility strengths and concerns, the value of analysts’ stock recommendations decreases. Our results imply that the value of recommendation is a function of firms’ CSR ratings and the amount of information on CSR strengths and concerns. In the second essay, we hypothesize that a perception of higher ability is implicit when an analyst makes a bold recommendation, and that this self-assessment is more likely to be correct when there are few analysts covering the firm. Consistent with our hypothesis, we find that it is highly profitable to trade based on bold recommendations for firms with low analyst coverage (risk-adjusted return of 30% per year), but not bold recommendations for high coverage firms. Herding recommendations, whether for firms with low or high coverage, are not profitable. The profit from this trading strategy is related to the news released during earnings announcements.
Subject
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Topic
Management
Subject
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Topic
Investment advisors
Subject
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Topic
Social responsibility of business
Subject
(authority = ETD-LCSH)
Topic
Stock price forecasting
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Rutgers University Electronic Theses and Dissertations
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ETD_5771
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electronic resource
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text/xml
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1 online resource (ix, 93 p. : ill.)
Note
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Ph.D.
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Includes bibliographical references
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Includes vita
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by Changhee Lee
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Title
Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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Identifier
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doi:10.7282/T3H41T2B
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ETD doctoral
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Rights
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The author owns the copyright to this work.
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Name
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Lee
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Changhee
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Permission or license
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2014-08-12 17:39:24
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Changhee Lee
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Rutgers University. Graduate School - Newark
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Author Agreement License
Detail
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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2014-10-31
DateTime
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2016-10-30
Type
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Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after October 30th, 2016.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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windows xp
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