Using a large database of Japanese analysts' rating information over the period 2000-2010, we examine short term market reactions to the announcement. We find a significant market reaction to the information contained in the analysts' rating. Particularly, the market reacts sensitively to the...

The purpose of this article is to examine the impact of analysts' recommendation downgrades, upgrades, and reiterations on German stock returns and as to whether prof- itable investment strategies could potentially be designed around these recommendations. The paper provides a unique detailed...