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Can Analysts Really Forecast? Evidence from the Karachi Stock Exchange

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dc.contributor.author Haris Bin Jamil
dc.contributor.author Aisha Ghazi Aurakzai
dc.contributor.author Muhammad Subayyal
dc.date.accessioned 2014-10-16T06:01:12Z
dc.date.available 2014-10-16T06:01:12Z
dc.date.issued 2014-06
dc.identifier.citation The Lahore Journal of Economics Volume 19, No.1 en_US
dc.identifier.issn 1811-5438
dc.identifier.uri http://121.52.153.179/Volume.html
dc.identifier.uri http://hdl.handle.net/123456789/7067
dc.description PP.19 ;ill en_US
dc.description.abstract This study examines the impact of analysts’ recommendations on stock prices listed on the Karachi Stock Exchange for the period 2006–12. The recommendations are extracted from the daily Morning Shout report published by Khadim Ali Shah Bukhari Securities Ltd (KASB), which provides buy and sell recommendations for different stocks. We use the market model to estimate the abnormal returns around the recommendation dates for these securities. The study also investigates whether the abnormal returns are due to price pressure or information content. We find that investors earn abnormal returns on the basis of analysts’ recommendations for these securities. The results are robust in considering only the sub-sample subsequent to 2008’s global financial crisis, and are also consistent with the information content hypothesis and price pressure hypothesis. en_US
dc.language.iso en en_US
dc.publisher © The Lahore School of Economics en_US
dc.subject Analysts en_US
dc.subject recommendations en_US
dc.subject information content en_US
dc.title Can Analysts Really Forecast? Evidence from the Karachi Stock Exchange en_US
dc.type Article en_US


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