Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/11724
Appears in Collections:Accounting and Finance Working Papers
Title: The Influence of Buy-side Analysts on Mutual Fund Trading
Authors: Frey, Stefan
Herbst, Patrick
Contact Email: patrick.herbst@stir.ac.uk
Citation: Frey S & Herbst P (2012) The Influence of Buy-side Analysts on Mutual Fund Trading. SSRN Working Paper Series. Social Science Research Network.
Keywords: Buy-side analysts
analyst recommendations
mutual funds
investment decisions
investment performance
JEL Code(s): G23
G11
M41
G29
Issue Date: 17-Jan-2012
Publisher: Social Science Research Network
Series/Report no.: SSRN Working Paper Series
Abstract: We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a significant influence on trading decisions: Fund managers almost certainly follow recent recommendation revisions in their trades. Fund flows and sell-side recommendations matter as well, but to a lesser extent. Positive abnormal returns to buy-side analysts' revisions are also reflected in the performance of mutual fund trades. Trades triggered by buy-side recommendations have higher returns than other trades.
Type: Working or Discussion Paper
URI: http://hdl.handle.net/1893/11724
URL: http://ssrn.com/abstract=1343771
Rights: Author retains copyright.
Affiliation: Leibniz University of Hanover
Accounting and Finance

Files in This Item:
File Description SizeFormat 
Herbst_2012_The_Influence_of_Buy-side_Analysts.pdf237.19 kBAdobe PDFView/Open


This item is protected by original copyright



Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

If you believe that any material held in STORRE infringes copyright, please contact library@stir.ac.uk providing details and we will remove the Work from public display in STORRE and investigate your claim.