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Investment Banks Lose Interest in the Czech Stock Market
A study by AKRO
investiční společnost, a.s., a Prague based investment firm, shows that since the
end of the financial crisis there has been a steep decline in the number of
investment banks publishing up-to-date forecasts for companies on the Prague
Stock Exchange.
Using Bloomberg Data,
the analysis studied the level of research ‘coverage’ for companies included in
the Prague Stock Exchange (PX) Index. The term research ‘coverage’ refers to
the number analysts’ published financial forecasts for a given listed company. These
forecasts are provided mainly by investment banks but occasionally also by
independent research firms. For consistency, only forecasts included in the
Bloomberg ‘consensus’ were included, thereby ensuring out-of-date forecasts
were excluded.
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