Do Analystz' Reports Generate Trade for Their Firms? Evidence from the Toronto Stock Exchange
Transactions 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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