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Are analyst trade ideas valuable?
Birru, Justin; Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 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/10012120228
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Mutual Fund Herding in Response to Hedge Fund Herding and the Impacts on Stock Prices
Jiao, Yawen - 2014
find strong evidence that mutual funds herd into or out of stocks following the herd of hedge funds: mutual funds' herding … measure is positively related to last quarter's hedge fund herding. In contrast, hedge funds do not follow mutual funds …. Mutual funds' following of hedge funds leads to a sharp price reversal in the next quarter, whereas hedge fund herding itself …
Persistent link: https://www.econbiz.de/10013044779
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Does Investment Horizon Matter? Disentagling the Effect of Institutional Herding on Stock Prices
Yuksel, H. Zafer - 2018
Exiting studies document that institutional herding has a stabilizing effect on stock prices, as stock returns over one …- to three-quarter horizons are positively correlated with herding. The literature also shows that short-term institutions … herding. Our results show that herding by short-term institutions promotes price discovery. In contrast, herding by long …
Persistent link: https://www.econbiz.de/10012938288
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Pension Fund Herding and Stock Returns
Jame, Russell - 2012
pension funds herd and that their herding negatively forecasts stock returns. In contrast, we find no evidence that herding by …
Persistent link: https://www.econbiz.de/10013115297
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Institutional investors and equity prices : information, behavioral bias and arbitrage
Han, Bing; Kong, Dongmin - 2017
This paper investigates how institutional investors matter for asset pricing by using daily institutional trading data and a natural experiment, the split–share structure reform in China. This reform required all listed companies to convert their non-tradable shares to tradable shares after...
Persistent link: https://www.econbiz.de/10011646414
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Institutional Investors, Heterogeneous Benchmarks and the Comovement of Asset Prices
Buffa, Andrea M - 2018
We study the equilibrium implications of a multi-asset economy in which asset managers are subject to different benchmarks, and demonstrate how heterogeneous benchmarking generates a mechanism through which fundamental shocks propagate across assets. Fluctuations in asset managers' capital...
Persistent link: https://www.econbiz.de/10012910534
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Exploring style herding by mutual funds
Santi, Caterina; Zwinkels, Remco C. J. - In: Journal of international financial markets, … 85 (2023), pp. 1-21
Persistent link: https://www.econbiz.de/10014433226
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Staatsfonds - "neue" Akteure an den Finanzmärkten?
Schalast, Christoph (contributor);  … - 2009
Sovereign Wealth Funds (SWFs) have become active investors on the financial markets. This working paper meets the increasing thirst for information on the investment activities of Sovereign Wealth Funds, their legal environment and the implications on German stock listed corporations. Thus, this...
Persistent link: https://www.econbiz.de/10003816335
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The use of the recognition heuristic as an investment strategy in European stock markets
Lobão, Júlio; Pacheco, Luís; Pereira, Carlos - In: Journal of economics, finance & administrative science 22 (2017) 43, pp. 207-223
Purpose: People often face constraints such as a lack of time or information in taking decisions, which leads them to use heuristics. In these situations, fast and frugal rules may be useful for making adaptive decisions with fewer resources, even if it leads to suboptimal choices. When applied...
Persistent link: https://www.econbiz.de/10011875260
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Recursive portfolio selection with decision trees
Andriyashin, Anton (contributor);  … - 2008
A great proportion of stock dynamics can be explained using publicly available information. The relationship between dynamics and public information may be of nonlinear character. In this paper we offer an approach to stock picking by employing so-called decision trees and applying them to XETRA...
Persistent link: https://www.econbiz.de/10003636039