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dc.contributor.authorFrey, Stefan-
dc.contributor.authorHerbst, Patrick-
dc.description.abstractWe 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.en_UK
dc.publisherSocial Science Research Network-
dc.relationFrey S & Herbst P (2012) The Influence of Buy-side Analysts on Mutual Fund Trading. SSRN Working Paper Series. Social Science Research Network.-
dc.relation.ispartofseriesSSRN Working Paper Series-
dc.rightsAuthor retains copyright.-
dc.subjectBuy-side analystsen_UK
dc.subjectanalyst recommendationsen_UK
dc.subjectmutual fundsen_UK
dc.subjectinvestment decisionsen_UK
dc.subjectinvestment performanceen_UK
dc.titleThe Influence of Buy-side Analysts on Mutual Fund Tradingen_UK
dc.typeWorking or Discussion Paperen_UK
dc.type.statusPublisher version-
dc.contributor.affiliationLeibniz University of Hanover-
dc.contributor.affiliationAccounting and Finance-
Appears in Collections:Accounting and Finance Working Papers

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