Analysts' “buy” and “sell” tips have almost no effect on share prices, according to research that confounds long-held beliefs over the influence of stock-pickers and calls into question investors' and banks' need to pay for their services.
The study will fuel the debate over the role of research at a time when the crisis has forced cash-strapped financial groups to slash budgets and lay off thousands of analysts.
Previous academic studies found that when an analyst changes views on a company, its shares move by up to 4 per cent in the direction of the new recommendation.
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