The Influence of Buy-Side Analysts on Mutual Fund Trading
The Influence of Buy-Side Analysts on Mutual Fund Trading
复制标题
买方分析师对共同基金交易的影响
DOI：
10.2139/ssrn.1694978
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
P. Herbst
中科院分区：
文献类型：
--
作者：
Stefan Frey;P. Herbst
我们提出证据的交易和业绩影响的买方分析师。我们利用一家大型全球资产管理公司提供的数据，将买方分析师的建议与每天的基金交易联系起来。我们表明买方分析师显著影响交易决策：基金经理强烈遵循最近的建议修订，即使在控制了其他交易决定因素之后。买方分析师修正的正异常回报也反映在共同基金交易的表现上：买方建议引发的交易比其他交易的回报更高。总的来说，买方分析师的影响比卖方分析师的影响更明显。
We present evidence on the trading and performance impact of buy-side analysts. Using data provided by a large global asset manager, we relate buy-side analysts’ recommendations to fund transactions on a daily basis. We show that buy-side analysts significantly influence trading decisions: Fund managers strongly follow recent recommendation revisions, even after controlling for other trading determinants. 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. Overall, the impact of buy-side analysts is more pronounced than that of sell-side analysts.