Stock Prices and Financial Analysts' Recommendations
评估加拿大一家经纪公司的推荐，发现投资者遵循这些推荐可获得显著正异常收益，即使扣除交易成本后也是如此。
ABSTRACT The recommendations of a Canadian brokerage house are evaluated by a number of techniques. The results reveal that an investor following the recommendations would have achieved significantly positive abnormal returns, even after allowing for transactions cost.