Do Analysts Leak Information to Preferred Customers?

Anders Ekholm (anders.ekholm@iki.fi) and Alexander von Nandelstadh (nandelstadh@hanken.fi)
Additional contact information
Alexander von Nandelstadh: Swedish School of Economics and Business Administration, Postal: Arkadiankatu 22, P.O.B. 479; FIN 00101 Helsinki, Finland

No 505, Working Papers from Hanken School of Economics

Abstract: Inspired by the recent debate in the financial press, we set out to investigate if financial analysts warn their preferred customers of possible earnings forecast revisions. The issue is explored by monitoring investors’ trading behavior during the weeks prior to analyst earnings forecast revisions, using the unique official stock transactions data set from Finland. In summary, we do not find evidence of large investors systematically being warned of earnings forecast revisions. However, the results indicate that the very largest investors show trading behavior partly consistent with being informed of future earnings forecast revisions.

Keywords: Financial analyst; information leakage; investor size (search for similar items in EconPapers)
Pages: 33 pages
Date: 2004-06-11
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://dhanken.shh.fi/dspace/bitstream/10227/189/2/505-951-555-838-7.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to dhanken.shh.fi:80 (A connection attempt failed because the connected party did not properly respond after a period of time, or established connection failed because connected host has failed to respond.)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hhb:hanken:0505

Access Statistics for this paper

More papers in Working Papers from Hanken School of Economics Hanken School of Economics, Arkadiankatu 22, P.O.B. 479; FIN 00101 Helsinki, Finland. Contact information at EDIRC.
Bibliographic data for series maintained by Staffan Dellringer (staffan.dellringer@hanken.fi this e-mail address is bad, please contact repec@repec.org).