dc.contributor.author | An, Xuejiao | |
dc.date.accessioned | 2023-11-10T11:22:45Z | |
dc.date.available | 2023-11-10T11:22:45Z | |
dc.date.issued | 2023 | |
dc.identifier.uri | https://hdl.handle.net/11250/3101850 | |
dc.description | Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2023 | en_US |
dc.description.abstract | I empirically study the relationship between analysts' stock recommendations and their affiliated institutions' ex-ante holding and ex-post trading. I use data of 1,014,720 stock recommendations issued by analysts from 80 institutions for a total of 4,219 stocks from the years 1993 to 2021 collected from the Institutional Brokers’ Estimate System (I/B/E/S) Database and the Institutional Holdings (13F) Section of Thomson/Refinitiv Database. I find that (i) institutions’ trading aligns with their analysts’ recommendations, (ii) these recommendations are based on objective judgment which is less likely to be influenced by their affiliated institutions’ ex-ante stock ownership, and (iii) following analysts' stock recommendations outperform the market during the past 29 years. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Handelshøyskolen BI | en_US |
dc.subject | finans | en_US |
dc.subject | finance | en_US |
dc.subject | finacial economics | en_US |
dc.title | Do Institutions Put Their Money Where Their Mouths Are? Empirical evidence from analysts' stock recommendations, their firms' ex-ante holding and ex-post trading | en_US |
dc.type | Master thesis | en_US |