Abstract
The case study conducts a survey on the effects of investment recommendations contained in 1.015 financial analyst’s reports on stock prices of 29 SMEs, characterized by limited capitalization and admitted to listing on the MTA between 2003 and 2013. The effects were examined through an Event Study that studies the Cumulative Abnormal Returns associated with different event windows around the report date, the publication date of the reports. The analysis’s results show that these effects exist and vary across sub-sample and with respect to different recommendation’s categories.
Riferimenti bibliografici
Boehmer E., Masumeci J., Poulsen A. (1991), “Event-study methodology under conditions of event-induced variance”, Journal of Financial Economics, vol.30(2), p.253-272.
Branciari S. (2004), La comunicazione economico-finanziaria degli intermediari finanziari, Franco Angeli editore.
Cavezzali E., Cervellati E. M., Pattitoni P., Rigoni U. (2011), “Report degli analisti e impatto delle variazioni delle raccomandazioni e dei target price: evidenze sul mercato
italiano”, Rivista Bancaria.
Cervellati E. M., Della Bina A. C.F., Giulianelli S. (2005), “Il valore dell’informazione prodotta dagli analisti finanziari. La reazione del mercato azionario italiano ai cambi di
raccomandazione”, Banca Impresa e Società, vol.24(2), p.175-210.
Guagliano G., Linciano N., Magistro Contento C. (2013), “The impact of financial analyst reports on small caps prices in Italy”, Quaderno di Finanza Consob.
MacKinlay, A. C. (1997), “Event studies in economics and finance”, Journal of economic literature vol.35(1), p.13-39.
McWilliams A., Siegel D. (1997), “Event studies in management research: Theoretical and empirical issues”, Academy of management journal, vol.40(3), p.626-657.
Copyright and licensing: The journal supports the principles contained in the Berlin Declaration on Open Access to scientific literature (2003), reiterated in the Italian CRUI Guidelines on Open Access journals. Copyright Notice: papers made open to the public are published under the CC BY--4.0 license.
Archiving : This journal uses the LOCKSS system to create an archiving system, which is distributed between participating libraries and enables them to search through the permanent archives of the journal for the purposes of conservation and restoration. All journal data and publications are also saved and stored directly on the platform