Cremers, Martijn; Pareek, Ankur; Sautner, Zacharias - In: Journal of Accounting Research 59 (2021) 3, pp. 911-958
We document that stocks that have optimistic (pessimistic) consensus recommendations and are currently held by many short-term institutions exhibit large stock-return reversals: Their large past outperformance (underperformance) is followed by large negative (positive) future alphas. The...