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Barber, B., Lehavy, R., McNichols, M. and Trueman, B. (2006) Buys, Holds, and Sells: The Distribution of Investment Banks’ Stock Ratings and the Implications for the Profitability of Analysts’ Recommendations. Journal of Accounting and Economics, 41, 87-117.
http://dx.doi.org/10.1016/j.jacceco.2005.10.001

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