Abstract
In the article, we analyzed the investment recommendation optimism on polish capital market. We defined the measure of optimism, which compares valuation of companies according to investment recommendation and fixed growth model. Over 170 investment recommendations form years 2014 and 2015 were investigated. The research indicates that the analysts are more likely to announce higher valuation than the historical value drivers and fixed growth model suggests. The highest optimistic perception occurs for companies with low historical financial scores. The highest optimism was observed for companies with “buy” recommendations as well as companies in the value destruction zone.
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Kowalski, M.J., Praźników, J. (2017). Investment Recommendation Optimism—Results of Empirical Research on Polish Capital Market. In: Wilimowska, Z., Borzemski, L., Grzech, A., Świątek, J. (eds) Information Systems Architecture and Technology: Proceedings of 37th International Conference on Information Systems Architecture and Technology – ISAT 2016 – Part IV. Advances in Intelligent Systems and Computing, vol 524. Springer, Cham. https://doi.org/10.1007/978-3-319-46592-0_6
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DOI: https://doi.org/10.1007/978-3-319-46592-0_6
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