International Evidence on Analyst Stock Recommendations, Valuations, and Returns


  •  Accepted by Michel Magnan. We are grateful for comments received from Gia Chevis, Tim Doupnik, Hyun Hong, Steve Huddart, Michel Magnan, Jim Ohlson, Gina Rosa, and two anonymous reviewers. We also thank participants of the International Section Midyear Meeting (San Diego), American Accounting Association Annual Meeting (Anaheim), New York University Summer Camp, and Florida State University, Louisiana State University, Penn State University, University of South Carolina, and University of Southern California workshops. Barniv acknowledges the financial support and the research award of the Division of Research & Graduate Studies at Kent State University, and Hope acknowledges financial support of the Deloitte Professorship and the Social Sciences and Humanities Research Council of Canada.