Interest conflicts, stock recommendations and investor attention

被引：1
|
作者：
Lin, Mei-Chen [1 ]
Wu, Yu-Zhen [2 ]
机构：
[1] Natl Taipei Univ, Dept Business Adm, 151 Univ Rd, New Taipei 23741, Taiwan
[2] Natl Taipei Univ, Dept Business Adm, Taipei 23741, Taiwan
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2019年 / 65卷
关键词：
Investor attention; Stock recommendations; Conflicts of interest; OF-INTEREST; ANALYST; BEHAVIOR; BANKS;
D O I：
10.1016/j.irfa.2016.11.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper explores whether conflicts of interest between investors and investment banks are associated with investor attention. We find that analysts tend to issue positive recommendations about firms. However, analysts' recommendations do not align with their subsequent trades. Although conflicts of interest exist, they mainly occur on strong buy recommendations and firms that attract investor attention. Investment banks profit from strategically trading on their own recommended stocks that have high abnormal volume. (c) 2016 Published by Elsevier Inc.
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页数：10
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