Wykorzystanie rekomendacji w procesie inwestowania na rynku akcji
Using the recommendations in investing process on the share market

Summary/Abstract: The aim of the study is to analyse whether the stock recomendations issued by the financial institutions could be useful in investing process and what would be the outcomes for the investor who made the decision according to analysts’ suggestions. It was observed that in the analysed period the average return and median to “buy” recommendations were negative. The similar results were obtained by “sell” recommendations. Simultaneously, in half of the cases the quotation reached the target level defined in the recommendation. In conclusion, the recommendations may be a reliable source of information about the companies, but cannot be the only ground for making the decisions whether to buy or sell the shares.

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