Balboa, Marina; Gomez-Sala, Juan Carlos; … - In: Journal of Multinational Financial Management 18 (2008) 4, pp. 405-426
This paper analyzes the value of analysts' consensus recommendations and their changes in eight developed stock markets using data from Factset/JCF, in the period from January 1994 to December 2006. Results show that analysts are optimistically biased, albeit to a different degree in each...