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This study seeks to show the impact of stock recommendation reports on theefficiency of investments in the Polish stock market. The study is carried outin two stages: the first takes place at the micro-level and is based on abehavioural experiment, while the second focuses on the verification of ourresults obtained on a real market. The main assertion is that stockrecommendations create heuristic effects among investors near the publicationdate of the recommendation. The ambiguity of the recommendations hindersinvestors’ reliable and unequivocal evaluation in investment decisions. Thereare studies in this field for different stock markets and periods of time, butour research added significant new knowledge about the functioning of the Polishstock exchange. Our study fits into the mainstream analysis of outlining thebehaviour of investors in the capital market. The research findings underpin ourpessimism about the impact of stock recommendations on investors’ behaviour

The psychology of investing: Stock market recommendations and their impact on investors’ decisions (the example of the Polish stock market)