Analyst Behaviour: The Geography of Social Interaction

Frederik König
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引用次数: 1

Abstract

An analyst who works in Germany is more likely to publish a high (low) price target regarding a DAX30 stock if other Germany based analysts are also optimistic (pessimistic) about the same stock. This finding is not biased by the fact that DAX30 companies are headquartered in Germany. In times of bull markets, price targets of analysts who regularly exchange their opinion are higher correlated compared to other analysts. This effect vanishes in a bearish market environment. This suggests that communication among analysts indeed plays an important role. However, analysts’ incentives induce them not to deviate too much from the overall average during an economic downturn.
分析师行为:社会互动的地理学
如果其他德国分析师也对DAX30股票持乐观(悲观)态度,那么在德国工作的分析师更有可能发布该股票的高(低)目标价。这一发现并没有受到DAX30指数成分股公司总部位于德国这一事实的影响。在牛市时期,经常交换意见的分析师的价格目标与其他分析师的相关性更高。这种效应在看跌的市场环境中消失了。这表明,分析师之间的沟通确实起着重要作用。然而,分析师的动机促使他们在经济低迷时期不会偏离整体平均水平太多。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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