Bradley is at the University of South Florida, Clarke and Lee are at Georgia Tech, and Ornthanalai is at the University of Toronto. We thank Peter Christoffersen, Robert Hansen, Patrick Kelly, Roger Loh, Vikram Nanda, Christos Pantzalis, Neil Pearson, Raghu Rau, Jay Ritter, Ronnie Sadka, Qinghai Wang, and seminar participants at the 2011 American Finance Association meetings, the 2011 Financial Intermediation Research Conference, the FDIC Derivative and Risk Management Conference, the Mathematical Finance Conference, Georgia Tech, the University of Illinois at Chicago, the University of South Florida, the University of Toronto, and the University of Georgia for helpful comments. We are especially grateful to an anonymous referee, an anonymous Associate Editor, and the Editor (Campbell Harvey) for their constructive suggestions. We also thank Incheol Kim, Xiaojing Yuan, Qian Zheng, and Ji Zhou for research assistance. This paper was previously circulated under the title “Can Analysts Surprise the Market? Evidence from Intraday Jumps.” We are responsible for any remaining errors.
Are Analysts’ Recommendations Informative? Intraday Evidence on the Impact of Time Stamp Delays
Article first published online: 17 MAR 2014
© 2014 The American Finance Association
The Journal of Finance
Volume 69, Issue 2, pages 645–673, April 2014
How to Cite
BRADLEY, D., CLARKE, J., LEE, S. and ORNTHANALAI, C. (2014), Are Analysts’ Recommendations Informative? Intraday Evidence on the Impact of Time Stamp Delays. The Journal of Finance, 69: 645–673. doi: 10.1111/jofi.12107
- Issue published online: 17 MAR 2014
- Article first published online: 17 MAR 2014
- Accepted manuscript online: 30 SEP 2013 09:16AM EST
- Manuscript Accepted: 4 JUL 2013
- Manuscript Received: 19 JUL 2010
Disclaimer: Supplementary materials have been peer-reviewed but not copyedited.
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