|Appears in Collections:||Accounting and Finance Working Papers|
|Title:||The Influence of Buy-side Analysts on Mutual Fund Trading|
|Citation:||Frey S & Herbst P (2012) The Influence of Buy-side Analysts on Mutual Fund Trading. SSRN Working Paper Series. Social Science Research Network.|
|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
|Herbst_2012_The_Influence_of_Buy-side_Analysts.pdf||237.19 kB||Adobe PDF||View/Open|
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