We endeavour to understand how the analysts' consensus can constraint the forecasts of a given analyst. Analysts are interested in generating trading volume, and do not necessarily release their most precise forecast. We show that forecast release depend upon consensus dispersion and upon the...

This paper questions the role of analyst recommendation in investor decision. To do so, we propose a model in which the investor weights his own signal and the analyst recommendation to make his trading decision: buy, sell, or non-participation. The analyst is interested in the volume of...

The aim of this paper is to observe the group dynamics of mutual fund managers during an interesting period (January 99-July 01); which includes many financial events as financial cracks, high speculation on new technologies.... We defined a strategy as the sensitivity on French stock market...

We study whether the financial analysts' concern to maintain good relationships with firms' managers in order to preserve their access to 'soft' qualitative information entice them to issue pessimistic or optimistic forecasts. We use a gravity model approach to firmsanalysts relationships and...