Jegadeesh is from Emory University; Kim is from Case Western Reserve University; Krische is from the University of Illinois at Urbana-Champaign; and Lee is from Cornell University. This paper subsumes two earlier manuscripts titled “Stock Characteristics and Analyst Stock Recommendations” and “The Information Content of Analyst Stock Recommendations.” We have benefited from the comments of Bill Beaver; Louis Chan; Tom Dyckman; Wayne Ferson; Rick Green (the editor); Paul Irvine; Josef Lakonishok; Jay Ritter; Michael Weisbach; Kent Womack; an anonymous referee; and workshop participants at Case Western Reserve University, Cornell University, Dartmouth College, Emory University, Georgetown University, Rice University, and the Universities of California at Berkeley, Colorado, Illinois at Urbana-Champaign, Pennsylvania, Rochester, and Southern California, as well as the 2002 AFA Annual Meetings, the AIMR Equity Valuation and Research Seminar, and the Prudential Securities Quantitative Research Conference. We would also like to thank Zacks Investment Research for providing the analyst recommendation data and I/B/E/S for providing the analyst earnings forecasts. First Call Corporation also provided us with recommendations data used in an earlier manuscript.
Analyzing the Analysts: When Do Recommendations Add Value?
Version of Record online: 27 NOV 2005
© 2004 the American Finance Association
The Journal of Finance
Volume 59, Issue 3, pages 1083–1124, June 2004
How to Cite
Jegadeesh, N., Kim, J., Krische, S. D. and Lee, C. M. C. (2004), Analyzing the Analysts: When Do Recommendations Add Value?. The Journal of Finance, 59: 1083–1124. doi: 10.1111/j.1540-6261.2004.00657.x
- Issue online: 27 NOV 2005
- Version of Record online: 27 NOV 2005
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