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http://hdl.handle.net/10419/41373
  
Title:The influence of buy-side analysts on mutual fund trading PDF Logo
Authors:Frey, Stefan
Herbst, Patrick
Issue Date:2010
Series/Report no.:CFR working paper 10-10
Abstract:We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a significant influence on trading decisions: Fund managers almost certainly follow recent recommendation revisions in their trades. Fund flows and sell-side recommendations matter as well, but to a lesser extent. Positive abnormal returns to buy-side analysts' revisions are also reflected in the performance of mutual fund trades: trades triggered by buy-side recommendations have higher returns than other trades.
Subjects:buy-side analysts
analyst recommendations
mutual funds
investment decisions
investment performance
JEL:G23
G11
G29
M41
Document Type:Working Paper
Appears in Collections:CFR Working Papers, Centre for Financial Research (CFR), Universität Köln

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