Stock Price Forecast Accuracy and Recommendation Profitability of Financial Magazines

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In this study, we analyze the forecast accuracy and profitability of buy recommendations published in five major German financial magazines for private households based on fundamental analysis. The results show a high average forecast accuracy but with a very high standard deviation, which indicates poor forecast accuracy with regard to individual stocks. The recommendation profitability slightly exceeds the performance of the MSCI World index. Considering the involved risk, which is represented by a high standard deviation, the excess returns appear to be insufficient.

Metadaten
Author details:	Victor Tiberius ORCiD GND, Laura Lisiecki
URN:	urn:nbn:de:kobv:517-opus4-441081
DOI:	https://doi.org/10.25932/publishup-44108
ISSN:	1867-5808
Title of parent work (German):	Postprints der Universität Potsdam : Wirtschafts- und Sozialwissenschaftliche Reihe
Publication series (Volume number):	Zweitveröffentlichungen der Universität Potsdam : Wirtschafts- und Sozialwissenschaftliche Reihe (118)
Publication type:	Postprint
Language:	English
Date of first publication:	2019/12/17
Publication year:	2019
Publishing institution:	Universität Potsdam
Release date:	2019/12/17
Tag:	MSCI World; buy recommendations; financial magazines; forecast accuracy; recommendation profitability
Issue:	118
Number of pages:	10
Source:	International Journal of Financial Studies 7 (2019) 4 DOI: 10.3390/ijfs7040058
Organizational units:	Wirtschafts- und Sozialwissenschaftliche Fakultät / Wirtschaftswissenschaften
DDC classification:	3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Peer review:	Referiert
Publishing method:	Open Access
License (German):	CC-BY-NC - Namensnennung, nicht kommerziell 4.0 International
External remark:	Bibliographieeintrag der Originalveröffentlichung/Quelle