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By Brav A., Lehavy R.

Utilizing a wide database of analysts' aim costs issued over the interval 1997-1999, we research temporary industry reactions to focus on expense revisions and long term comovement of aim and inventory prices.We ¢nd a signi¢cant marketplace response to the data contained in analysts' aim costs, either unconditionally and conditional on contemporaneously issued inventory advice and gains forecast revisions. utilizing a cointegration procedure, we examine the long term habit of industry and aim prices.We ¢nd that, on typical, the one-year-ahead aim cost is 28 percentage better than the present marketplace fee.

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3 887 recommendations are perceived as providing more-informative signals. 479). 088). When we consider recommendation downgrades in columns 4 ^ 6, we ¢nd results consistent with the hypothesis that the magnitude of a recommendation revision conveys independent information to market participants. Speci¢cally, we examine downgrades from: (1) strong buy to hold, (2) strong buy to buy, and (3) buy to hold. 960). 239 vs. These results support an informative role for the magnitude of recommendation revisions, consistent with the interpretation that analysts employ the degree of the recommendation revision to convey their con¢dence in their target price estimate.

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An Empirical Analysis of Analysts’ Target Prices: Short-term Informativeness and Long-term Dynamics by Brav A., Lehavy R.

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