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- W2937591805 abstract "The purpose of this paper is to further understanding of the determinants of analysts’ translational effectiveness and, specifically, the role of stock characteristics in the impact of sentiment in the translation of analysts’ forecasts into recommendations. We construct a proxy of intrinsic value of a stock based on that of Ohlson (1995), which incorporates all the information contained in the analysts’ earnings forecasts. Our results show that, although analysts do translate their earnings forecast valuations into recommendations, the effectiveness of this process is reduced by investor sentiment only in highly sentiment-sensitive stocks. This suggests the degree of analyst coverage as a potential conditioner of the observable results in a market. While not totally eliminating this observed effect, the Market Abuse Directive regulation does contribute to reduce the skew between analysts’ earnings forecasts and their recommendations. Finally, analysis of this effect reveals that this kind of skew enables investment strategies yielding positive risk-adjusted returns in highly sentiment-sensitive stocks, during periods of high market sentiment." @default.
- W2937591805 created "2019-04-25" @default.
- W2937591805 creator A5001557481 @default.
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- W2937591805 date "2019-07-01" @default.
- W2937591805 modified "2023-10-18" @default.
- W2937591805 title "The role of sentiment and stock characteristics in the translation of analysts’ forecasts into recommendations" @default.
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- W2937591805 doi "https://doi.org/10.1016/j.najef.2019.04.008" @default.
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