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The main objective of this paper is to analyze the value of financial analysts’ recommendations on Italian listed firms. Italy is an interesting case since analysts have to compulsory send their reports to the Stock Exchange Commission on the same day they are available to their private clients (“report date”). Then, reports are available to the public within a period of sixty days on the Stock Exchange website (“public access date”). Exploiting this regulatory peculiarity and the unique database formed directly analyzing analysts’ reports, two distinct short-term event studies are performed finding a significant market reaction both in terms of volumes and returns around the report date. General implications for event study research design, highlighting some problems in commercial databases are also provided.

Is equity research valuable for investors? An empirical investigation of the Italian peculiarity