Equity Analyst Reports and Stock Prices
In this paper we carry out cointegration analyses, in order to study whether the relationship between analysts’ recommendations and their projected capital gains (or losses), is consistent with the hypothesis that sell recommendations are costlier than buy recommendations. We find that recommendatio...
- Autores:
- Tipo de recurso:
- http://purl.org/coar/resource_type/c_6745
- Fecha de publicación:
- 2022
- Institución:
- Universidad Pedagógica y Tecnológica de Colombia
- Repositorio:
- RiUPTC: Repositorio Institucional UPTC
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uptc.edu.co:001/12056
- Acceso en línea:
- https://revistas.uptc.edu.co/index.php/cenes/article/view/12638
https://repositorio.uptc.edu.co/handle/001/12056
- Palabra clave:
- sell-side analysts
intrinsic value
trading incentives
informational value
access to information
analistas sell-side
valor intrínseco
incentivos de trading
valor informacional
acceso a la información
- Rights
- License
- Copyright (c) 2022 José Gabriel Astaiza Gómez, Camilo Andrés Perez Pacheco
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2022-02-222024-07-05T18:44:52Z2024-07-05T18:44:52Zhttps://revistas.uptc.edu.co/index.php/cenes/article/view/1263810.19053/01203053.v41.n73.2022.12638https://repositorio.uptc.edu.co/handle/001/12056In this paper we carry out cointegration analyses, in order to study whether the relationship between analysts’ recommendations and their projected capital gains (or losses), is consistent with the hypothesis that sell recommendations are costlier than buy recommendations. We find that recommendations that plainly urge the investor to take action (buy, sell) are consistent with their estimated losses. We also find that recommendations react mildly to higher projected losses, and strongly to higher projected capital gains, which is consistent with systematic optimism. Additionally, we could establish that higher projected losses are positively related to dispersion in recommendations. In summary, we got evidence consistent with Womack’s (1996) hypothesis that the cost of issuing a sell recommendation is higher than the cost of a buy recommendation.En este trabajo realizamos análisis de cointegración, con el fin de estudiar si la relación entre las recomendaciones de los analistas y sus ganancias (o pérdidas) de capital proyectadas es consistente con la hipótesis de que las recomendaciones de venta son más costosas que las recomendaciones de compra. Encontramos que las recomendaciones que claramente instan al inversionista a tomar medidas (comprar, vender) son consistentes con sus pérdidas estimadas. También encontramos que las recomendaciones reaccionan levemente a mayores pérdidas proyectadas y fuertemente a mayores ganancias de capital proyectadas, lo cual es consistente con optimismo sistemático. Además, hallamos que pérdidas proyectadas más altas están relacionadas positivamente con la dispersión de recomendaciones. En resumen, notamos evidencia consistente con la hipótesis de Womack (1996) de que el costo de emitir una recomendación de venta es mayor que el costo de una recomendación de compra.application/pdftext/xmlengengUniversidad Pedagógica y Tecnológica de Colombiahttps://revistas.uptc.edu.co/index.php/cenes/article/view/12638/11457https://revistas.uptc.edu.co/index.php/cenes/article/view/12638/13356Copyright (c) 2022 José Gabriel Astaiza Gómez, Camilo Andrés Perez Pachecohttp://creativecommons.org/licenses/by-nc-sa/4.0http://purl.org/coar/access_right/c_abf246http://purl.org/coar/access_right/c_abf2Apuntes del Cenes; Vol. 41 No. 73 (2022); 43-62Apuntes del Cenes; Vol. 41 Núm. 73 (2022); 43-622256-57790120-3053sell-side analystsintrinsic valuetrading incentivesinformational valueaccess to informationanalistas sell-sidevalor intrínsecoincentivos de tradingvalor informacionalacceso a la informaciónEquity Analyst Reports and Stock PricesInformes de renta variable y los precios de las accionesinfo:eu-repo/semantics/articlePeer reviewed Articlehttp://purl.org/coar/resource_type/c_6745http://purl.org/coar/resource_type/c_2df8fbb1info:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a329http://purl.org/coar/version/c_970fb48d4fbd8a85Astaiza Gómez, José GabrielPerez Pacheco, Camilo Andrés001/12056oai:repositorio.uptc.edu.co:001/120562025-07-18 12:13:34.401metadata.onlyhttps://repositorio.uptc.edu.coRepositorio Institucional UPTCrepositorio.uptc@uptc.edu.co |
dc.title.en-US.fl_str_mv |
Equity Analyst Reports and Stock Prices |
dc.title.es-ES.fl_str_mv |
Informes de renta variable y los precios de las acciones |
title |
Equity Analyst Reports and Stock Prices |
spellingShingle |
Equity Analyst Reports and Stock Prices sell-side analysts intrinsic value trading incentives informational value access to information analistas sell-side valor intrínseco incentivos de trading valor informacional acceso a la información |
title_short |
Equity Analyst Reports and Stock Prices |
title_full |
Equity Analyst Reports and Stock Prices |
title_fullStr |
Equity Analyst Reports and Stock Prices |
title_full_unstemmed |
Equity Analyst Reports and Stock Prices |
title_sort |
Equity Analyst Reports and Stock Prices |
dc.subject.en-US.fl_str_mv |
sell-side analysts intrinsic value trading incentives informational value access to information |
topic |
sell-side analysts intrinsic value trading incentives informational value access to information analistas sell-side valor intrínseco incentivos de trading valor informacional acceso a la información |
dc.subject.es-ES.fl_str_mv |
analistas sell-side valor intrínseco incentivos de trading valor informacional acceso a la información |
description |
In this paper we carry out cointegration analyses, in order to study whether the relationship between analysts’ recommendations and their projected capital gains (or losses), is consistent with the hypothesis that sell recommendations are costlier than buy recommendations. We find that recommendations that plainly urge the investor to take action (buy, sell) are consistent with their estimated losses. We also find that recommendations react mildly to higher projected losses, and strongly to higher projected capital gains, which is consistent with systematic optimism. Additionally, we could establish that higher projected losses are positively related to dispersion in recommendations. In summary, we got evidence consistent with Womack’s (1996) hypothesis that the cost of issuing a sell recommendation is higher than the cost of a buy recommendation. |
publishDate |
2022 |
dc.date.accessioned.none.fl_str_mv |
2024-07-05T18:44:52Z |
dc.date.available.none.fl_str_mv |
2024-07-05T18:44:52Z |
dc.date.none.fl_str_mv |
2022-02-22 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.en-US.fl_str_mv |
Peer reviewed Article |
dc.type.coar.fl_str_mv |
http://purl.org/coar/resource_type/c_2df8fbb1 |
dc.type.coarversion.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
dc.type.coar.spa.fl_str_mv |
http://purl.org/coar/resource_type/c_6745 |
dc.type.version.spa.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.coarversion.spa.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a329 |
format |
http://purl.org/coar/resource_type/c_6745 |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
https://revistas.uptc.edu.co/index.php/cenes/article/view/12638 10.19053/01203053.v41.n73.2022.12638 |
dc.identifier.uri.none.fl_str_mv |
https://repositorio.uptc.edu.co/handle/001/12056 |
url |
https://revistas.uptc.edu.co/index.php/cenes/article/view/12638 https://repositorio.uptc.edu.co/handle/001/12056 |
identifier_str_mv |
10.19053/01203053.v41.n73.2022.12638 |
dc.language.none.fl_str_mv |
eng |
dc.language.iso.spa.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://revistas.uptc.edu.co/index.php/cenes/article/view/12638/11457 https://revistas.uptc.edu.co/index.php/cenes/article/view/12638/13356 |
dc.rights.en-US.fl_str_mv |
Copyright (c) 2022 José Gabriel Astaiza Gómez, Camilo Andrés Perez Pacheco http://creativecommons.org/licenses/by-nc-sa/4.0 |
dc.rights.coar.fl_str_mv |
http://purl.org/coar/access_right/c_abf2 |
dc.rights.coar.spa.fl_str_mv |
http://purl.org/coar/access_right/c_abf246 |
rights_invalid_str_mv |
Copyright (c) 2022 José Gabriel Astaiza Gómez, Camilo Andrés Perez Pacheco http://creativecommons.org/licenses/by-nc-sa/4.0 http://purl.org/coar/access_right/c_abf246 http://purl.org/coar/access_right/c_abf2 |
dc.format.none.fl_str_mv |
application/pdf text/xml |
dc.publisher.en-US.fl_str_mv |
Universidad Pedagógica y Tecnológica de Colombia |
dc.source.en-US.fl_str_mv |
Apuntes del Cenes; Vol. 41 No. 73 (2022); 43-62 |
dc.source.es-ES.fl_str_mv |
Apuntes del Cenes; Vol. 41 Núm. 73 (2022); 43-62 |
dc.source.none.fl_str_mv |
2256-5779 0120-3053 |
institution |
Universidad Pedagógica y Tecnológica de Colombia |
repository.name.fl_str_mv |
Repositorio Institucional UPTC |
repository.mail.fl_str_mv |
repositorio.uptc@uptc.edu.co |
_version_ |
1839633835676925952 |