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The work of investment stock analysts provides a major contribution to the financial sector. There is evidence that their recommendations have a significant influence on the investors trading decisions. The present research identifies the factors influencing the final recommendation. This knowledge is fundamental to understand and profit from the analyst s work. The research analyses not only the major decision factors but also shows the evolution of the stock price after the publication date. The author, Björn Schubert, contributes with his research to a better understanding of the work of stock analysts, which is necessary for an effective capital allocation supporting a prosperous economy. The book is especially interesting for traders, market makers, portfolio managers as well as all interested in the financial service industry. This work sheds further light on sell-side analysts recommendations and enhances the literature on this important subject. James Clunie (Investment Director at SWIP) The paper reveals the impact of incentives, as well as pointing to challenges for regulators. Colin W McLean (Managing Director at SVM Asset Management Ltd)

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works as a Client Strategy Analyst in Geneva. He holds an MSc in Finance and Investment from the University of Edinburgh Business School and a B.A. in Economics from the University of Applied Sciences in Saarbrücken and the University in Metz (DFHI/ISFATES). Additionally, he has written a publication about algorithmic trading.

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