Informationsflödets inverkan på marknadseffektiviteten
En studie av aktierekommendationers kurspåverkan över tid
Previous research has shown that the market reacts on stock recommendations. As the Internet has made financial information more available and cheaper to assess one could believe that the market reflects more available information today. If this is true the market will react less on recommendation made by journalists, which generally consists of processed public information. The stock market should thus be more efficient according to the efficient market hypothesis. This study examines initially if we can conclude that stock recommendations made by journalists generate returns above the expected returns, hence abnormal returns. Further we examine the hypothesis that the market should be more efficient today. The study contrasts the periods 1991-1995 and 2003-2007. The results conclude that stock recommendations generally generate abnormal returns. We could however not confirm our hypothesis that the market is to consider more efficient during the period 2003-2007. We have however identified tendencies that the stock prices reflect more available information today.