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DC Field | Value | Language |
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dc.contributor.author | Su, C | - |
dc.contributor.author | Zhang, H | - |
dc.contributor.author | Joseph, NL | - |
dc.date.accessioned | 2023-01-28T15:43:14Z | - |
dc.date.available | 2023-01-28T15:43:14Z | - |
dc.date.issued | 2020-10-19 | - |
dc.identifier | ORCID iDs: ChenSu https://orcid.org/0000-0003-4115-6207; Nathan Lael Joseph https://orcid.org/0000-0002-2182-0847. | - |
dc.identifier.citation | Su, C., Zhang, H. and Joseph, N.L. (2022) 'The performance of UK stock recommendation revisions: Does brokerage house reputation matter?', International Journal of Finance & Economics, 27 (3), pp. 3051 - 3070. doi: 10.1002/ijfe.2312. | en_US |
dc.identifier.issn | 1076-9307 | - |
dc.identifier.uri | https://bura.brunel.ac.uk/handle/2438/25887 | - |
dc.description | Data availability statement: The data that support the findings of this study are available from the corresponding author upon reasonable request. | - |
dc.description.abstract | Copyright © 2020 The Authors. Our study examines the impact of brokerage house (BH) reputation on the performance of investment strategies following stock recommendation revisions in the UK stock market. We develop two alternative proxies for BH reputation based either on the past positions on the annualInstitutional Investor(II) All-Europe Research Team or on the past recommendation performance of BHs. We find that BH reputation proxied by the pastIIrankings has no significant impact on the recommendation performance, suggesting that theIIrankings are largely "popularity contests". However, BH reputation proxied by the past year recommendation performance of BHs has a significantly positive impact on the recommendation performance in the next year, implying that the recommendation performance of BHs in the UK market is persistent. The bootstrap simulations further confirm that the observed performance persistence could be due to BH skill rather than BH luck (i.e., random chance). | en_US |
dc.description.sponsorship | Faculty of Humanities and Social Sciences (HaSS), Newcastle University under the Faculty Research Fund, Grant/Award Number: OSR/0372/FR19/0001. | en_US |
dc.format.extent | 3051 - 3070 | - |
dc.format.medium | Print-Electronic | - |
dc.language | English | - |
dc.language.iso | en_US | en_US |
dc.publisher | Wiley | en_US |
dc.rights | Copyright © 2020 The Authors. International Journal of Finance & Economics published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. | - |
dc.rights.uri | https://creativecommons.org/licenses/by/4.0/ | - |
dc.subject | bootstrap simulations | en_US |
dc.subject | brokerage house reputation | en_US |
dc.subject | financial analysts | en_US |
dc.subject | performance persistence | en_US |
dc.subject | stock recommendation revisions | en_US |
dc.title | The performance of UK stock recommendation revisions: Does brokerage house reputation matter? | en_US |
dc.type | Article | en_US |
dc.identifier.doi | https://doi.org/10.1002/ijfe.2312 | - |
dc.relation.isPartOf | International Journal of Finance & Economics | - |
pubs.issue | 3 | - |
pubs.publication-status | Published | - |
pubs.volume | 27 | - |
dc.identifier.eissn | 1099-1158 | - |
dc.rights.holder | The Authors | - |
Appears in Collections: | Dept of Economics and Finance Research Papers |
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FullText.pdf | Copyright © 2020 The Authors. International Journal of Finance & Economics published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. | 1.43 MB | Adobe PDF | View/Open |
This item is licensed under a Creative Commons License