: An event study of 313 recommendations issued between 2018–2020 on the OMXS30.
: Compares the performance of ratings from buy-side analysts (who work for institutional investors) vs. sell-side analysts (who work for brokerage firms). stock buy sell ratings
Statistically rare; often carries "scarcity value" and can have a larger market impact. Summary of Performance Findings : An event study of 313 recommendations issued
: Historically, "buy" recommendations were overwhelmingly more common (reaching 74% in mid-2000) than "sell" ratings (only 2%), leading to questions about analyst objectivity. The Stock Selection and Performance of Buy-Side Analysts Statistically rare; often carries "scarcity value" and can
: Buy-side "buy" recommendations often result in lower annual market-adjusted returns (2.3%) compared to sell-side ratings (8.2%), though these differences are partly due to the types of firms covered.
Here are several full research papers and detailed studies focusing on the effectiveness, distribution, and performance of stock "buy," "hold," and "sell" ratings. Key Research Papers on Stock Ratings
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