<?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>0120-3053</journal-id>
<journal-title><![CDATA[Apuntes del Cenes]]></journal-title>
<abbrev-journal-title><![CDATA[Apuntes del Cenes]]></abbrev-journal-title>
<issn>0120-3053</issn>
<publisher>
<publisher-name><![CDATA[Universidad Pedagógica y Tecnológica de Colombia (UPTC)]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-30532022000100041</article-id>
<article-id pub-id-type="doi">10.19053/01203053.v41.n73.2022.12638</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Equity Analyst Reports and Stock Prices]]></article-title>
<article-title xml:lang="es"><![CDATA[Informes de renta variable y el precio de las acciones]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Astaiza Gómez]]></surname>
<given-names><![CDATA[José Gabriel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez Pacheco]]></surname>
<given-names><![CDATA[Camilo Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del Rosario  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Abierta y a Distancia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>41</volume>
<numero>73</numero>
<fpage>41</fpage>
<lpage>60</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-30532022000100041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-30532022000100041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-30532022000100041&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: In this paper we carry out cointegration analyses, in order to study whether the relationship between analysts' recommendations and their projected capital gains (or losses), is consistent with the hypothesis that sell recommendations are costlier than buy recommendations. We found that recommendations that plainly urge the investor to take action (buy, sell) are consistent with their estimated losses. We also found that recommendations react mildly to higher projected losses, and strongly to higher projected capital gains, which is consistent with systematic optimism. Additionally, we could establish that higher projected losses are positively related to dispersion in recommendations. In summary, we got evidence consistent with Womack's (1996) hypothesis that the cost of issuing a sell recommendation is higher than the cost of a buy recommendation.  JEL Classification: G40, G19, G17, G11, G13]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este trabajo realizamos análisis de cointegración, con el fin de estudiar si la relación entre las recomendaciones de los analistas y sus ganancias (o pérdidas) de capital proyectadas es consistente con la hipótesis de que las recomendaciones de venta son más costosas que las recomendaciones de compra. Encontramos que las recomendaciones que claramente instan al inversionista a tomar medidas (comprar, vender) son consistentes con sus pérdidas estimadas. También encontramos que las recomendaciones reaccionan levemente a mayores pérdidas proyectadas y fuertemente a mayores ganancias de capital proyectadas, lo cual es consistente con optimismo sistemático. Además, hallamos que pérdidas proyectadas más altas están relacionadas positivamente con la dispersión de recomendaciones. En resumen, notamos evidencia consistente con la hipótesis de Womack (1996) de que el costo de emitir una recomendación de venta es mayor que el costo de una recomendación de compra.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[sell-side analysts]]></kwd>
<kwd lng="en"><![CDATA[intrinsic value]]></kwd>
<kwd lng="en"><![CDATA[trading incentives]]></kwd>
<kwd lng="en"><![CDATA[informational value]]></kwd>
<kwd lng="en"><![CDATA[access to information]]></kwd>
<kwd lng="es"><![CDATA[analistas sell-side]]></kwd>
<kwd lng="es"><![CDATA[valor intrínseco]]></kwd>
<kwd lng="es"><![CDATA[incentivos de trading]]></kwd>
<kwd lng="es"><![CDATA[valor informacional]]></kwd>
<kwd lng="es"><![CDATA[acceso a la información]]></kwd>
</kwd-group>
</article-meta>
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