<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422015000400874</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.07.010</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Stock recommendations and investment portfolio formation: A study in the Brazilian market]]></article-title>
<article-title xml:lang="es"><![CDATA[Recomendaciones de acciones y la formación de portafolio: un estudio en la bolsa de Brasil]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Antônio]]></surname>
<given-names><![CDATA[Rafael Moreira]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lima]]></surname>
<given-names><![CDATA[Fabiano Guasti]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pimenta Junior]]></surname>
<given-names><![CDATA[Tabajara]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="A01">
<institution><![CDATA[,University of São Paulo Faculty of Economics, Management and Accounting ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<volume>60</volume>
<numero>4</numero>
<fpage>874</fpage>
<lpage>892</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422015000400874&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422015000400874&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422015000400874&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[The stock analysts have a relevant role in the capital market, since, directly or indirectly, they contribute to the paper pricing and to the composition of the investment portfolio. The purpose of this study is to verify if it is possible to obtain extraordinary returns, above those offered by a market portfolio, with the monitoring of the stock recommendations issued by Brazilian capital market analysts, one of the most important in Latin America. Based on a wide range of consensual recommendations concerning the period from 2000 to 2010, and with the monitoring of the historical series of paper returns covered by the analyses, the performance of two portfolios were compared, one formed by stocks that received favorable and the other one formed by stocks that received unfavorable analyst recommendations. The results showed bias in recommendations, since there is, systematically, a greater number of favorable against unfavorable recommendations. The results mainly showed that the analysts were unable to identify the stocks that actually offered greater returns within the period considered.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Los analistas de acciones desempeñan un papel importante en los mercados de capitales, de modo que, directa o indirectamente, contribuyen a la fijación de precios de las acciones y a la composición de portafolios. El propósito de este estudio fue verificar si es posible obtener rendimientos extraordinarios, por encima de los ofrecidos por una cartera de mercado, con el acompañamiento de las recomendaciones de acciones realizadas por los analistas en el mercado de capitales brasileño. Basado en una gama de recomendaciones de consenso para el período comprendido entre los años 2000 y 2010, más el seguimiento de series de tiempo de los rendimientos de los títulos que abarca el análisis, fueron comparados la actuación de dos carteras, una formada por acciones que recibieron recomendaciones favorables y otra formada por las acciones que recibieron recomendaciones desfavorables de los analistas. Los resultados mostraron la existencia de la parcialidad en las recomendaciones, ya que hay, sistemáticamente, un mayor número de recomendaciones favorables en comparación con las recomendaciones desfavorables. Y se mostraron, principalmente, que los analistas no fueron capaces de identificar las acciones que ofrecieron una mayor rentabilidad en el período estudiado.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Stock Analysis]]></kwd>
<kwd lng="en"><![CDATA[Investment portfolio]]></kwd>
<kwd lng="en"><![CDATA[Capital market]]></kwd>
<kwd lng="es"><![CDATA[Análisis de acciones]]></kwd>
<kwd lng="es"><![CDATA[Portafolios]]></kwd>
<kwd lng="es"><![CDATA[Mercado de capitales]]></kwd>
</kwd-group>
</article-meta>
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