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In this research I empirically study the effects of information acquisition by investors or traders on analysts' forecast bias. Based on the theoretical literature on sell-side analysts, I argue that forecast bias is correlated to investors' information gathering, in two opposite directions. On...
Persistent link: https://www.econbiz.de/10013220851
This study uses security-level investor demand and dynamic pricing information in the primary bond market to examine …
Persistent link: https://www.econbiz.de/10013405355
investment styles, as defined by Sharpe (1992). First, we show that financial market liquidity, as identified by stock turnover …
Persistent link: https://www.econbiz.de/10013093548
I investigate whether or not the multi-period trades of financial institutions cause mispricing in the stock market …
Persistent link: https://www.econbiz.de/10012971888
Investors face a dizzying array of choices regarding where to invest their funds and increasingly rely on experts for advice. Most advice about securities is provided by investment advisers or broker-dealers, legal categories with little meaning to most people but fraught with consequences....
Persistent link: https://www.econbiz.de/10012949750
After taking into account biases induced by infrequent trading and selection, it is unlikely that illiquid asset classes have higher risk-adjusted returns than traditional liquid stock and bond markets. On the other hand, there are significant illiquidity premiums within asset classes. Portfolio...
Persistent link: https://www.econbiz.de/10013088632
In recent years, impact investors - private investors who seek to generate simultaneously financial and social returns - have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess how the non-financial characteristics...
Persistent link: https://www.econbiz.de/10014437029
implications of only a fraction of investors in the equity market paying immediate attention to SEO announcements. We first show … characteristics. We empirically show that institutional investor participation in SEOs, the post-SEO equity market valuation of firms …
Persistent link: https://www.econbiz.de/10012844387
Persistent link: https://www.econbiz.de/10012935405
institutional investors trading in the U.S. corporate bond market. Results show that trading volume abnormally increases in …
Persistent link: https://www.econbiz.de/10012824626