Ekholm, Anders () (Swedish School of Economics and Business Administration) von Nandelstadh, Alexander () (Swedish School of Economics and Business Administration)
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Inspired by the recent debate in the financial press, we set out to investigate if financial analysts warn their preferred customers of possible earnings forecast revisions. The issue is explored by monitoring investors’ trading behavior during the weeks prior to analyst earnings forecast revisions, using the unique official stock transactions data set from Finland. In summary, we do not find evidence of large investors systematically being warned of earnings forecast revisions. However, the results indicate that the very largest investors show trading behavior partly consistent with being informed of future earnings forecast revisions.
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Paper provided by Hanken School of Economics in its series Working Papers with number
505.
Length: 33 pages Date of creation: 11 Jun 2004 Date of revision: Handle: RePEc:hhb:hanken:0505
Contact details of provider: Postal: Hanken School of Economics, Arkadiankatu 22, P.O.B. 479; FIN 00101 Helsinki, Finland Phone: +358-9-431 331 Fax: +358-9-431 33 333 Web page: http://www.hanken.fi More information through EDIRC
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