Skuteczność rekomendacji wydawanych przez analityków giełdowych w okresach stagnacji na rynkach kapitałowych
Effectiveness of recommendations issued by stock market analysts in periods of stagnation on capital markets

Summary/Abstract: The aim of this article is to verify a hypothesis which claims that recommendations issued by stock market analysts indicate a potential for growth of the price of shares despite stagnation on capital markets. The author of the study has conducted an analysis of 12,243 recommendations issued by 71 different financial institutions in the period between 1 January 2004 and 31 December 2014. The obtained results lead to a supposition that stock market analysts developing recommendations tend to demonstrate a considerable growth potential for share prices even in the period of recession on capital markets. Therefore, in this context we can suppose that following recommendations of stock market analysts, especially in periods of a collapse on stock markets, is not a good investment strategy.

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