Stock Prices and Financial Analysts' Recommendations
评估加拿大一家经纪公司的推荐建议，发现投资者遵循这些建议可获得显著的正异常收益，即使扣除交易成本后也是如此。
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.