On the Information Role of Stock Recommendation Revisions

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Analysts’ Industry Expertise (2012, background): “However, Altinkilic and Hansen (2009) are skeptical of this evidence, arguing that same-day price reactions associated with stock recommendations merely reflect firms’ specific news released shortly before the recommendations were issued.”
Are Analysts’ Recommendations Informative? Intraday Evidence on the Impact of Time Stamp Delays: Are Analysts’ Recommendations Informative? (2014, background): “Our sample consists of stocks listed on the NYSE for the six-year period between January 2002 and December 2007.”
Stock Returns after Major Price Shocks: The Impact of Information (2012, background): “…contemporaneous stock price reactions,8 and that investors can pro t by trading on recommendations even after they are released.9 More recently, Altinkilic and Hansen (2009) dispute both sets of results, arguing that they stem from analysts tendency to piggyback on corporate news.10 Chen,…”