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Do Analysts Herd? An Analysis of Recommendations and Market Reactions

Jegadeesh, Narasimhan - 2007

they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …

Persistent link: https://www.econbiz.de/10012465790

Transparency and International Investor Behavior

Gelos, R. Gaston - 2002

transparent countries. On the other hand, herding among funds tends to be more prevalent in less transparent countries. There is …

Persistent link: https://www.econbiz.de/10012469449

Herd on the Street : Informational Inefficiencies in a Market with Short-Term Speculation

Froot, Kenneth A. - 1990

informed traders also know. There can be multiple herding equilibria, and herding speculators may even choose to study …

Persistent link: https://www.econbiz.de/10012475787

Corporate Actions and the Manipulation of Retail Investors in China : An Analysis of Stock Splits

Titman, Sheridan; Wei, Chishen; Bin Zhao - National Bureau of Economic Research - 2021

We identify a group of "suspicious" firms that use stock splits--perhaps, along with other activities--to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their pre-split levels. Using...

Persistent link: https://www.econbiz.de/10012629432

Momentum, Reversals, and Investor Clientele

Chui, Andy C. W.; Subrahmanyam, Avanidhar; Titman, Sheridan - National Bureau of Economic Research - 2021

Different share classes on the same firms provide a natural experiment to explore how investor clienteles affect momentum and short-term reversals. Domestic retail investors have a greater presence in Chinese A shares, and foreign institutions are relatively more prevalent in B shares. These...

Persistent link: https://www.econbiz.de/10012696362

Are Analyst Trade Ideas Valuable?

Birru, Justin - 2019

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...

Persistent link: https://www.econbiz.de/10012480010

R-Squared Around the World : New Theory and New Tests

Jin, Li - 2004

Morck, Yeung and Yu (MYY, 2000) show that R2 and other measures of stock market synchronicity are higher in countries with less developed financial systems and poorer corporate governance. MYY and Campbell, Lettau, Malkiel and Xu (2001) also find a secular decline in R2 in the United States over...

Persistent link: https://www.econbiz.de/10012468240

The Disappearing Index Effect

Greenwood, Robin; Sammon, Marco C. - National Bureau of Economic Research - 2022

The abnormal return associated with a stock being added to the S&P 500 has fallen from an average of 3.4% in the 1980s and 7.6% in the 1990s to 0.8% over the past decade. This has occurred despite a significant increase in the percentage of stock market assets linked to the index. A similar...

Persistent link: https://www.econbiz.de/10013477240

Are Cryptos Different? Evidence from Retail Trading

Kogan, Shimon; Makarov, Igor; Niessner, Marina; Schoar, … - National Bureau of Economic Research - 2023

Trading in cryptocurrencies has grown rapidly over the last decade, primarily dominated by retail investors. Using a dataset of 200,000 retail traders from eToro, we show that they have a different model of the underlying price dynamics in cryptocurrencies relative to other assets. Retail...

Persistent link: https://www.econbiz.de/10014322705

Herding with Heterogeneous Ability : An Application to Organ Transplantation

Mel, Stephanie de; Munshi, Kaivan; Reiche, Soenje; … - National Bureau of Economic Research - 2021

assessment of the object's quality and herd behind their predecessors. Our research adds a new dimension to the canonical herding … herding based on this ability heterogeneity and also examine its efficiency consequences, applied to organ transplantation in … the U.K. We find that herding is common but that the information lost due to herding does not substantially increase false …

Persistent link: https://www.econbiz.de/10012660090

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