This service is more advanced with JavaScript available, learn more at http: This paper investigates the role of published stock recommendations in print and online media as investor sentiment in the near-term German stock market.

In particular, sentiment based on printed analyst recommendations follows reversals, that is, when analysts face a stock market downturn, they see a buying opportunity and become optimistic. Part of Springer Nature. Not logged in Not affiliated Published stock recommendations as investor sentiment in the near-term stock market.

Cite this article as: Empir Econ Barber B, McNichols RLM, Trueman B Can investors profit from the prophets? Consensus analyst recommendations and stock returns.

Published stock recommendations as investor sentiment in the near-term stock market | SpringerLink

J Finance 56 2: Brown GW, Cliff MT Investor sentiment and the near-term stock market. J Empir Finance 11 1: Brown GW, Cliff MT Investor sentiment and asset valuation. J Bus 78 2: Burghardt M, Czink M, Riordan R Retail investor sentiment and the stock market.

Working paper, available at SSRN. Accessed 23 July Clarke RG, Statman M Bullish or bearish? Finance Anal J 54 3: Finter P, Niessen-Ruenzi A, Ruenzi S The impact of investor sentiment on the German stock market. Fisher KL, Statman M Investor sentiment and stock returns.

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Lux T Sentiment dynamics and stock returns: Schmeling M Institutional and individual sentiment: Int J Forecast 23 1: Solt ME, Statman M How useful is the sentiment index. Financ Anal J 44 5: Tetlock PC Giving content to investor sentiment: Wang YH, Keswani A, Taylor SJ The relationships between sentiment—returns and volatility. Int J Forecast 22 1: White H A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity.

Department of Economics University of Rostock Rostock Germany. Publisher Name Springer Berlin Heidelberg Print ISSN Online ISSN About this journal Reprints and Permissions.

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