Put your money where your mouth is: Do financial firms follow their own recommendations?

被引：4

作者：

Chan, Kin Wai ^{[1
]}

Chang, Charles ^{[2
]}

Wang, Albert ^{[3
]}

机构：

[1] Cornucopia Capital Partners, Hong Kong, Hong Kong, Peoples R China

[2] Cornell Univ, 435 Statler Hall, Ithaca, NY 14853 USA

[3] Cornell Univ, Ithaca, NY 14853 USA

来源：

QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2009年 / 49卷 / 03期

关键词：

Institutional trading; Equity analyst; Recommendation;

D O I：

10.1016/j.qref.2009.02.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we explore how US financial firms trade relative to their own equity analyst recommendations. In the quarter-of and that immediately followa recommendation, firm trades are significantly positively related to recommendation changes. This relation is robust to controls for sub-sample effects, return/momentum related phenomena, size effects, controls for consensus recommendation, and other data normalizations. Our results show that financial firm trades are consistent with their analysts' research and recommendations, despite recent conjecture to the contrary. (C) 2009 The Board of Trustees of the University of Illinois. Published by Elsevier B.V. All rights reserved.

引用

页码：1095 / 1112

页数：18

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