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The Best Analyst for the Buy-Side Institution may not be Your Best Analyst : Investor Response and Relationship between Optimistic Bias and Ex-post Votes
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- 발행기관
- 한국재무학회 바로가기
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- 간행물
- 한국재무학회 학술대회 바로가기
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- 통권
- 2011년 경영관련학회 통합학술대회(재무학회-증권학회 세션) (2011.08)바로가기
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- 페이지
- pp.468-508
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- 저자
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- 언어
- 영어(ENG)
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- URL
- https://www.earticle.net/Article/A243030
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8,700원
원문정보
초록
- 영어
- Using buy-side managers’ evaluation of sell-side analysts via vote, we extract a sell-side analyst’s residual vote after controlling the analyst’s ability. When the residual vote is related to the analyst’s unexplained ability, e.g. good relationship, then sophisticated investor’s response after the analyst’s revision will be greater. When the residual is related to optimistic bias from possible affiliation, the analyst’s revision will be discounted. We find that after analyst’s earnings forecast changes, normalized net-trading volume of the buy-side institutions significantly follows the direction of the revision and responds more when the revision is by an analyst with larger residual vote. Individual investors significantly reverse on average but the response does not differ significantly conditional on the residual vote. After controlling both residual vote and revision size, buy-side institution seems to discount the response as the magnitude of the revision increases after revision of analysts with larger residual vote. The discounted response supports that the residual vote may be related to optimism. On the contrary individual investors follow the analyst’s revision more. As a result, individual investors are losing their money while buy-side institutions are making money depending on awareness optimism. The residual vote is indeed related to the optimistic bias of analyst ex-post. As a sell-side analyst recommend or forecast more optimistic relative the analyst’s competing analysts, the analyst is likely to earn more votes from buy-side managers.
목차
Abstract
1. Introduction
2. Previous Researches and Main Hypotheses
2.1. Literature Review
2.2. Main Hypothesis
3. Data & Descriptive Statistics
4. Empirical analysis
4.1. Univariate analysis
4.2. Multivariate analysis
5. Conclusion
References
Table
키워드
Buy-side institution Sell-side analyst vote investor sophistication optimism저자
간행물 정보
발행기관
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- 발행기관명
- 한국재무학회 [The Korean Finance Association]
- 설립연도
- 1988
- 분야
- 사회과학>경영학
- 소개
- 본 회는 재무학 및 이와 관련되는 분야를 발전시키며 회원 상호간의 친목 도모를 목적으로 한다.
간행물
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- 간행물명
- 한국재무학회 학술대회
- 간기
- 부정기
- 수록기간
- 2006~2024
- 십진분류
- KDC 325 DDC 330
이 권호 내 다른 논문 / 한국재무학회 학술대회 2011년 경영관련학회 통합학술대회(재무학회-증권학회 세션)
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