Hedge Funds and Analyst Optimism

We find that analysts are more likely to issue favorable recommendations for stocks predominantly owned hedge funds. Moreover, these optimistic recommendations translate into poorer stock performance over the next three to six months. Hedge funds take advantage of these flattering reports by concurr...

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Main Author:	TEO, Melvyn
Format:	text
Language:	English
Published:	Institutional Knowledge at Singapore Management University 2010
Subjects:	Hedge funds stock recommendations stock performance Finance and Financial Management
Online Access:	https://ink.library.smu.edu.sg/bnp_research/34 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1031&context=bnp_research
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Institution:	Singapore Management University
Language:	English

id	sg-smu-ink.bnp_research-1031
record_format	dspace
spelling	sg-smu-ink.bnp_research-10312018-06-13T02:33:33Z Hedge Funds and Analyst Optimism TEO, Melvyn We find that analysts are more likely to issue favorable recommendations for stocks predominantly owned hedge funds. Moreover, these optimistic recommendations translate into poorer stock performance over the next three to six months. Hedge funds take advantage of these flattering reports by concurrently offloading their stock holdings. Our results suggest that analysts are reluctant to downgrade stocks held by their most important clients. 2010-10-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/bnp_research/34 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1031&context=bnp_research http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection BNP Paribas Hedge Fund Centre eng Institutional Knowledge at Singapore Management University Hedge funds stock recommendations stock performance Finance and Financial Management
institution	Singapore Management University
building	SMU Libraries
country	Singapore
collection	InK@SMU
language	English
topic	Hedge funds stock recommendations stock performance Finance and Financial Management
spellingShingle	Hedge funds stock recommendations stock performance Finance and Financial Management TEO, Melvyn Hedge Funds and Analyst Optimism
description	We find that analysts are more likely to issue favorable recommendations for stocks predominantly owned hedge funds. Moreover, these optimistic recommendations translate into poorer stock performance over the next three to six months. Hedge funds take advantage of these flattering reports by concurrently offloading their stock holdings. Our results suggest that analysts are reluctant to downgrade stocks held by their most important clients.
format	text
author	TEO, Melvyn
author_facet	TEO, Melvyn
author_sort	TEO, Melvyn
title	Hedge Funds and Analyst Optimism
title_short	Hedge Funds and Analyst Optimism
title_full	Hedge Funds and Analyst Optimism
title_fullStr	Hedge Funds and Analyst Optimism
title_full_unstemmed	Hedge Funds and Analyst Optimism
title_sort	hedge funds and analyst optimism
publisher	Institutional Knowledge at Singapore Management University
publishDate	2010
url	https://ink.library.smu.edu.sg/bnp_research/34 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1031&context=bnp_research
_version_	1681132765978820608

Hedge Funds and Analyst Optimism

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