This paper addresses the questions whether European mutual fund managers rely on sell-side analyst information with respect to their investment decisions and whether this behavior impacts fund performance. Based on a sample of over 4,300 European mutual funds and around 1.2 million portfolio...

This paper builds on recent empirical studies that document the general impact of analyst recommendations on mutual fund trading. We argue that the use of analyst research might be a strategic decision depending on the type of mutual fund. Therefore, we identify the funds that trade in...