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Dissertation
The effect of the financial crisis on the performance of analysts' recommendations on the Belgian stock market
Authors: --- --- ---
Year: 2012 Publisher: Gent : s.n.,

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Abstract

This survey examines the effect of the financial crisis on the performance of 21 sell-side analysts. The financial crisis had a huge impact on the financial markets, and thus also on analysts. The brokers that are analyzed give recommendations over 33 stocks on the Belgian stock market. The investigation period from January 2005 till March 2011 is split into 3 periods, before-during- and after the crisis, which makes it enable to compare. The performance of analysts are calculated, and if they reacted and anticipated on the financial crisis. In this paper is concluded that most of the analysts reacted slightly on the financial crisis by decreasing the buy-to-sell ratio and thereby diminishing their optimism. As a result, during the financial crisis, the analysts succeeded in generating abnormal returns, both for upgrades and downgrades. Taking into account transaction costs, this return disappears almost to zero.


Dissertation
Le risque de réputation des établissements financiers sanctionnées par les régulateurs français et britanniques
Authors: --- --- ---
Year: 2017 Publisher: Liège Université de Liège (ULiège)

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Abstract

In answer to the economic crisis, to the scandals and to the frauds, the risk of reputation has emerged (Trotta, Iannuzzi, & Pacelli, 2016). Moreover, the increased power given to regulators (Van Erp, 2013) to disclose penalties including the names of offenders amplified the risk. The media representation of these penalties can seriously damage the reputation of financial institutions concerned.
In this context, we study the quantitative impact of the publication of sanctions by UK and French regulators and the qualitative impact of the first media representation of penalties on the reputational risk of UK financial institutions. 
The sample for the publication of sanctions by the UK regulator is formed on the basis of the year 2013 whereas the sample for the publication of sanctions by the French regulator is formed on the basis of the period from December 2006 to July 2017. The results show an insignificant impact of the publication of sanctions on the abnormal returns. Therefore, the risk of reputation is low. However, we note that the coefficient of determination was diverging. This calls into question the use of good market indexes in the literature. 
Regarding the first media representation, we analyse in-depth three press articles appeared before the settlement date of sanctions and we find that the press has chosen to cover financial scandals. The content of these articles reflected an opposition to the regulation (“anti-regulation”). The choice and the content of the press limit the impact on the reputation because it tells the facts like structural problems.

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