IDEAS home Printed from
   My bibliography  Save this paper

Do Analysts Leak Information to Preferred Customers?


  • Ekholm, Anders

    () (Swedish School of Economics and Business Administration)

  • von Nandelstadh, Alexander

    () (Swedish School of Economics and Business Administration)


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.

Suggested Citation

  • Ekholm, Anders & von Nandelstadh, Alexander, 2004. "Do Analysts Leak Information to Preferred Customers?," Working Papers 505, Hanken School of Economics.
  • Handle: RePEc:hhb:hanken:0505

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Laura Arranz-Aperte & Almas Heshmati, 2004. "Determinants of Profit Sharing in the Finnish Corporate Sector," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 39(1), pages 55-79, January.
    2. John Asafu-Adjaye, 2004. "Income inequality and health: a multi-country analysis," International Journal of Social Economics, Emerald Group Publishing, vol. 31(1/2), pages 195 - 207, January.
    3. Forsman, Maria & Solitander, Nikodemus, 2003. "Network Knowledge versus Cluster Knowledge- The Gordian Knot of Knowledge Transfer Concepts," Working Papers 494, Hanken School of Economics.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Andreev, Andriy & Sjöholm, Hans-Kristian, 2006. "Projections of Pension Fund Solvency under Alternative Accounting Regimes," Working Papers 517, Hanken School of Economics.
    2. Forsman, Maria & Solitander, Nikodemus, 2004. "The Context and Diffusion of Knowledge in the Finnish Jewellery Industry - The role of The House of Fabergé," Working Papers 506, Hanken School of Economics.
    3. Kulp-Tåg, Sofie, 2007. "An Empirical Comparison of Linear and Nonlinear Volatility Models for Nordic Stock Returns," Working Papers 525, Hanken School of Economics.
    4. Ekholm, Bo-Göran & Wallin, Jan, 2004. "Strategic Priorities, Company Performance and Attitudes Towards Management Accounting Techniques: an Empirical Study," Working Papers 507, Hanken School of Economics.
    5. Ekholm, Bo-Göran & Wallin, Jan, 2006. "Flexible Budgeting under Uncertainty: A Real Options Perspective," Working Papers 520, Hanken School of Economics.

    More about this item


    Financial analyst; information leakage; investor size;

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hhb:hanken:0505. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Staffan Dellringer). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.