Published stock recommendations as investor sentiment in the near-term stock market |
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Authors: | Nico Singer Saskia Laser Frank Dreher |
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Institution: | 1. Department of Economics, University of Rostock, Ulmenstrasse 69, 18057, Rostock, Germany
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Abstract: | This paper investigates the role of published stock recommendations in print and online media as investor sentiment in the near-term German stock market. In line with extant literature on other sentiment measures, vector autoregressions reveal that past stock returns drive today’s sentiment, but not the other way around, and that sentiment is a powerful predictor of itself. In particular, sentiment based on printed analyst recommendations follows reversals, that is, when analysts face a stock market downturn, they see a buying opportunity and become optimistic. |
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