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Investment behavior of analysts: A case study of Pakistan stock exchange
The Journal of Finance and Accounting Research
View Archive Info| Field | Value | |
| Title |
Investment behavior of analysts: A case study of Pakistan stock exchange
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| Creator |
Ahmed Shaikh, Salman
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| Description |
Security prices in efficient markets reflect all relevant information. Past price formations and even fundamental analysis cannot guarantee abnormal returns consistently to any pre-identified strategy or market participant, be they novice or expert traders. There have been various studies conducted with the aim to test market efficiency in emerging markets. However, in this study, we have surveyed the professional investment community and have studied their stated actions in making investments. Our results indicate the prevalence of herding and overconfidence in professional analysts. We also found that analysts extrapolate the past into future forecasts. We also discovered an association between demographic characteristics and the choice of security valuation methods that the analysts use. In line with Chevalier and Ellison (1998), we found that younger analysts herd less than the older ones.
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| Publisher |
Department of Finance, School of Business and Economics, University of Management and Technology, Lahore, Pakistan
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| Date |
2019-02-28
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion |
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| Format |
application/pdf
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| Identifier |
https://ojs.umt.edu.pk/index.php/jfar/article/view/15
10.32350/JFAR.0101.04 |
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| Source |
Journal of Finance and Accounting Research; Vol 1 No 1 (2019): February; 52-69
2663-838X 2617-2232 10.32350/JFAR.0101 |
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| Language |
eng
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| Relation |
https://ojs.umt.edu.pk/index.php/jfar/article/view/15/4
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| Rights |
Copyright (c) 2019 Salman Ahmed Shaikh
http://creativecommons.org/licenses/by/4.0 |
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