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Appears in Collections:Accounting and Finance Working Papers
Title: The Influence of Buy-side Analysts on Mutual Fund Trading
Author(s): Frey, Stefan
Herbst, Patrick
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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
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
Rights: Author retains copyright.
Affiliation: Leibniz University of Hanover
Accounting and Finance

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