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CFR Working Papers, Centre for Financial Research (CFR), Universität Köln >
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http://hdl.handle.net/10419/41373
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| Title: | | The influence of buy-side analysts on mutual fund trading  |
| 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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