Tipping |
| |
| Authors: | Irvine, Paul Lipson, Marc Puckett, Andy |
| |
| Affiliation: | Terry College of Business, University of Georgia |
| |
| Abstract: | We investigate the trading of institutions immediately beforethe release of analysts initial buy recommendations.We document abnormally high institutional trading volume andbuying beginning five days before recommendations are publiclyreleased. Abnormal buying is related to initiation characteristicsthat would require knowledge of the content of the reportsuchas the identity of the analyst and brokerage firm, and whetherthe recommendation is a strong buy. We confirm that institutionsbuying before the recommendation release earn abnormal profits.Our results are consistent with institutional traders receivingtips regarding the contents of forthcoming analysts reports.(JEL G14, G18, G24) |
| |
| Keywords: | |
| 本文献已被 Oxford 等数据库收录！ |
|
