| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26062 |
| 来源ID | Working Paper 26062 |
| Are Analyst Trade Ideas Valuable? | |
| Justin Birru; Sinan Gokkaya; Xi Liu; René M. Stulz | |
| 发表日期 | 2019-07-15 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact of stock recommendation, target price, and earnings forecast changes, and that investors following trade ideas can earn significant abnormal returns. Trade ideas triggered by forthcoming firm catalyst events are more informative than ideas exploiting temporary mispricing. Institutional investors trade in the direction of trade ideas and commission-paying institutional clients do so earlier than non-clients. Analysts generating trade ideas are more established and are more likely to produce ideas for stocks with high dollar trading commissions in their coverage universe. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w26062 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583736 |
| 推荐引用方式 GB/T 7714 | Justin Birru,Sinan Gokkaya,Xi Liu,et al. Are Analyst Trade Ideas Valuable?. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26062.pdf（624KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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