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The influence of buy-side analysts on mutual fund trading

  • Frey, Stefan
  • Herbst, Patrick
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    We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a significant influence on trading decisions: Fund managers almost certainly follow recent recommendation revisions in their trades. Fund flows and sell-side recommendations matter as well, but to a lesser extent. 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.

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    File URL: http://econstor.eu/bitstream/10419/41373/1/637043030.pdf
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    Paper provided by University of Cologne, Centre for Financial Research (CFR) in its series CFR Working Papers with number 10-10.

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    Date of creation: 2010
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    Handle: RePEc:zbw:cfrwps:1010
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    Web page: http://cfr-cologne.de/english/version06/html/home.php
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