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The seasonality in sell-side analysts’ recommendations
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). Department of Industrial Management, Business Administration and Statistics, School of Industrial Engineering, Technical University of Madrid (UPM)/Universidad Politécnica de Madrid, c/ José Gutiérrez Abascal, 2, Madrid 28006, Spain.
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.). Swedish House of Finance, Stockholm School of Economics, Stockholm, Sweden.ORCID iD: 0000-0001-7402-0096
2018 (English)In: Finance Research Letters, ISSN 1544-6123, E-ISSN 1544-6131Article in journal (Refereed) Published
Abstract [en]

We examine whether highly reputed sell-side analysts (Stars) account for stock market seasonality in their forecasts. Extensive research has documented that seasonality exists in the stock market, and in their quest to become Stars, analysts may consider seasonality when they issue recommendations. We find that both Star and Non-Star analysts are highly optimistic in May, which contradicts the adage “Sell in May and go away”. Detailed analyses reveal that optimism cycles are related to the calendar of companies’ earnings announcements rather than market-specific effects. When they issue recommendations, analysts tend not to consider three well-known seasonal effects that we investigate.

Place, publisher, year, edition, pages
Elsevier, 2018.
Keywords [en]
Seasonality in stock prices, Target prices, Sell-side analyst recommendations, Star analysts
National Category
Business Administration
Research subject
Industrial Economics and Management
Identifiers
URN: urn:nbn:se:kth:diva-235703DOI: 10.1016/j.frl.2018.07.001ISI: 000473248800023Scopus ID: 2-s2.0-85050452928OAI: oai:DiVA.org:kth-235703DiVA, id: diva2:1252786
Note

QC 20170412

Available from: 2018-10-02 Created: 2018-10-02 Last updated: 2019-07-29Bibliographically approved

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