| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 961065 | Journal of Financial Markets | 2012 | 26 Pages |
Abstract
⺠We examine the performance of institutional trades and analyst stock recommendations as well as their interactions. ⺠Institutional trades follow analyst recommendation changes but not vice versa. ⺠Institutional purchases outperform their sales, but only on the day of the transaction. ⺠Institutional trades in the same direction as recommendation changes do not outperform trades in the opposite direction. ⺠Institutional investors do not exhibit skills to discern the quality of analysts' recommendations.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Jeffrey A. Busse, T. Clifton Green, Narasimhan Jegadeesh,