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Title: Equity Analyst Recommendations Usefulness Determinants and Biases
Researcher: Mathur Sachin
Guide(s): Rastogi Anupam
Keywords: Biases in Forecasts and Recommendations
Effect of Information Uncertainty on Biases
Effect of Information Uncertainty on Usefulness
Information Uncertainty
Informative Value of Analyst Recommendations
Usefulness of Equity
University: Narsee Monjee Institute of Management Studies
Completed Date: 06/06/2016
Abstract: This research examines the usefulness of brokerage analyst recommendations in the Indian stock market. Usefulness of recommendations has been assessed in terms of informative value, that is, informational contribution to the stock market, as well as predictive value, that is, enabling investors to earn abnormal returns on their stock investments. Further, we investigated two key determinants of usefulness, information uncertainty and analyst behaviour. The first determines the opportunity as well as the challenge faced by equity analysts, while the second impacts the quality of their research. newlineThe research is based on empirical research of brokerage analyst recommendations in India using a large representative sample of individual broker recommendations as well as average recommendations of a cross-section of 200 firms over a period of six years (April 2009 to March 2015). Informational contribution was measured by estimating abnormal returns around the release of the recommendation, while the ability to predict investment returns was analysed over a long investment horizon using the event study methodology. newline
Appears in Departments:Department of Marketing

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00. title page.pdfAttached File149.72 kBAdobe PDFView/Open
01. declaration.pdf148.62 kBAdobe PDFView/Open
02. certificate.pdf160.87 kBAdobe PDFView/Open
03. acknowlegement.pdf271.7 kBAdobe PDFView/Open
04. abstract.pdf340.11 kBAdobe PDFView/Open
05. table of contents.pdf275.95 kBAdobe PDFView/Open
06. list of abbreviations.pdf179.63 kBAdobe PDFView/Open
07. list of tables.pdf204.96 kBAdobe PDFView/Open
08. list of figures.pdf253.97 kBAdobe PDFView/Open
09. chapter 1.pdf394.09 kBAdobe PDFView/Open
10. chapter 2.pdf406.43 kBAdobe PDFView/Open
11. chapter 3.pdf699.29 kBAdobe PDFView/Open
12. chapter 4.pdf459.61 kBAdobe PDFView/Open
13. chapter 5.pdf473.14 kBAdobe PDFView/Open
14. chapter 6.pdf442.57 kBAdobe PDFView/Open
15. chapter 7.pdf272.63 kBAdobe PDFView/Open
16. references.pdf407.18 kBAdobe PDFView/Open

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