Intraday price moves associated with analyst recommendations

Can Analysts Surprise the Market? Evidence from Intraday Jumps by Bradley, Clarke, Lee & Ornthanalai

Using jump detection techniques with high frequency data, we examine the informativeness of analyst recommendations for a larg


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sample of NYSE stocks between 2002 and 2007. After controlling for confounding events, we find that a nontrivial number of jumps are hot gay porn associated with analyst recommendations. Unconditional regression analysis indicates that analysts’ recommendations are more likely to cause jumps than earnings announcements and market-wide events, while recommendations are about as likely to cause jumps as management guidance. Furthermore, we find recommendations from all-star analysts, analysts from high prestige banks, and those that have issued influential recommendations in the past are more likely to be associated with jumps. Approximately 7% of recommendations are released over the two days prior to an earnings announcement or release of management guidance and these recommendations are more likely to cause a jump. Overall, our results suggest that analysts are important information intermediaries.

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