Abstract
Announcement day abnormal returns around analyst recommendations of upgrades average 35 and downgrades average -45 basis points in Borsa Istanbul. The nationality of the investment bank issuing the recommendation affects the magnitude of the stock market reaction. The absolute magnitude of abnormal returns upon upgrade and downgrade recommendations of foreign investment banks is larger than that of local investment banks. The differential reaction indicates that in a developing market country, Turkey, investors pay closer attention when the source of information is foreign rather than local.
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