Since 2014
Who Are Better Informed Before Analysts’ Forecast Changes?
Gadjah Mada International Journal of Business
View Archive Info| Field | Value | |
| Title |
Who Are Better Informed Before Analysts’ Forecast Changes?
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| Creator |
Park, Tae-Jun
Yi, Sujin Song, Kyojik “Roy” |
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| Description |
Using Korean data, we investigate information asymmetry among investors before analysts change their stock recommendations. By comparing trading activities between individuals, institutions, and foreign investors, we find that there is information asymmetry before analysts change their recommendations. Institutional investors buy/sell the stock before recommendation upgrades/downgrades, but individuals and foreign investors do not anticipate the upcoming news. We also document that the trade imbalance of institutional investors are associated with stock returns upon the announcements of recommendation changes. This result indicates that institutions take advantage of their superior information around the recommendation changes.
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| Publisher |
Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada
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| Contributor |
—
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| Date |
2014-12-11
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://journal.ugm.ac.id/gamaijb/article/view/5656
10.22146/gamaijb.5656 |
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| Source |
Gadjah Mada International Journal of Business; Vol 16, No 3 (2014): September-December; 223-241
2338-7238 1411-1128 |
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| Language |
eng
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| Relation |
http://journal.ugm.ac.id/gamaijb/article/view/5656/4634
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