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<p>We investigated the spillover effects of stock recommendations by studying the impact of changes in analysts’ recommendations on non-rated firms in the same industry. The empirical results suggest that investors use the information embedded in analyst recommendations of a rated firm to value the stock of a non-rated firm in the same industry. The cumulative abnormal return (CAR) of non-rated firms increases when leaders in the industrial sector receive an upgrade in recommendation revisions. The contagious effects of recommendation downgrades have also been documented for peer firms.</p>

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Spillover effect of analysts’ stock recommendations: the channel effect of firm industrial position

  • 期刊论文

  • 发表日期：

    2026年1月13日

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  • Jingwen GE,
  • Syed Hassan Raza Kazmi

摘要

We investigated the spillover effects of stock recommendations by studying the impact of changes in analysts’ recommendations on non-rated firms in the same industry. The empirical results suggest that investors use the information embedded in analyst recommendations of a rated firm to value the stock of a non-rated firm in the same industry. The cumulative abnormal return (CAR) of non-rated firms increases when leaders in the industrial sector receive an upgrade in recommendation revisions. The contagious effects of recommendation downgrades have also been documented for peer firms.