Sharma, Vivek - In: International Journal of Revenue Management 3 (2009) 3, pp. 270-283
-2006, sanctioned brokerage firms' upgrades not only underperformed the upgrades of non-sanctioned brokerage firms, but they also earned … negative abnormal returns. The degree of underperformance for sanctioned brokerage firms' upgrades was at the highest during … 1999-2002. More surprisingly, the underperformance of upgrades continues in 2003-2006. We also find weak evidence of …