Do Analystz' Reports Generate Trade for Their Firms? Evidence from the Toronto Stock Exchange

P.J.A. Irvine

Working Papers from Rochester, Business - Ph.D.,

Abstract: Transactions data from the Toronto Stock Exchange allow identification of the exchange member(s) involved in each trade. These data permit me to examine the relation between brokerage analyst coverage of individual securities and brokerage trading volume in those securities. Analyst are considered to cover a security if their brokerage house reports to Nelson's Directory of Investment Research that they do. Analyst coverage is associated with greater brokerage volume and higher brokerage market share in the stocks covered relative to stocks that are not covered.

Keywords: STOCKS; TRADE (search for similar items in EconPapers)
JEL-codes: G11 G12 G24 (search for similar items in EconPapers)
Pages: 138 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:fth:robuph:77

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