Do Analystz' Reports Generate Trade for Their Firms? Evidence from the Toronto Stock Exchange
AbstractTransactions data from the Toronto Stock Exchange allow identification of the exchange member(s) involved in each trade. These data permit me to examine the relation between brokerage analyst coverage of individual securities and brokerage trading volume in those securities. Analyst are considered to cover a security if their brokerage house reports to Nelson's Directory of Investment Research that they do. Analyst coverage is associated with greater brokerage volume and higher brokerage market share in the stocks covered relative to stocks that are not covered.
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Bibliographic InfoPaper provided by Rochester, Business - Ph.D., in its series Papers with number 77.
Length: 138 pages
Date of creation: 1996
Date of revision:
Contact details of provider:
Postal: U.S.A.; UNIVERSITY OF ROCHESTER, WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, ROCHESTER NEW YORK 14627 U.S.A
Web page: http://www.simon.rochester.edu/
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STOCKS ; TRADE;
Find related papers by JEL classification:
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
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