File Download
  Links for fulltext
     (May Require Subscription)
Supplementary

Article: Home-biased analysts in emerging markets

TitleHome-biased analysts in emerging markets
Authors
Issue Date2008
PublisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq
Citation
Journal Of Financial And Quantitative Analysis, 2008, v. 43 n. 3, p. 685-716 How to Cite?
AbstractWe find that local analyst recommendations are systematically more optimistic than foreign analyst recommendations in emerging markets. The effects of this novel "home bias" among local analysts overwhelm any information asymmetry between foreign and local analysts. Consequently, local analyst upgrades underperform foreign analyst upgrades, while local analyst downgrades outperform foreign analyst downgrades. Neither foreign investors, local institutions, nor retail investors appear to be fully cognizant of this bias. Trade reactions suggest that foreign investors overestimate the bias in foreign analyst recommendations while local institutions underestimate the bias in local analyst recommendations. These results are pervasive across countries, time periods, and stock groupings, and can be traced to investment banking pressure. Copyright 2008, Michael G. Foster School of Business, University of Washington. Seattle, WA 98195.
Persistent Identifierhttp://hdl.handle.net/10722/157722
ISSN
2015 Impact Factor: 1.628
2015 SCImago Journal Rankings: 2.998
References

 

DC FieldValueLanguage
dc.contributor.authorLai, Sen_HK
dc.contributor.authorTeo, Men_HK
dc.date.accessioned2012-08-08T08:54:55Z-
dc.date.available2012-08-08T08:54:55Z-
dc.date.issued2008en_HK
dc.identifier.citationJournal Of Financial And Quantitative Analysis, 2008, v. 43 n. 3, p. 685-716en_HK
dc.identifier.issn0022-1090en_HK
dc.identifier.urihttp://hdl.handle.net/10722/157722-
dc.description.abstractWe find that local analyst recommendations are systematically more optimistic than foreign analyst recommendations in emerging markets. The effects of this novel "home bias" among local analysts overwhelm any information asymmetry between foreign and local analysts. Consequently, local analyst upgrades underperform foreign analyst upgrades, while local analyst downgrades outperform foreign analyst downgrades. Neither foreign investors, local institutions, nor retail investors appear to be fully cognizant of this bias. Trade reactions suggest that foreign investors overestimate the bias in foreign analyst recommendations while local institutions underestimate the bias in local analyst recommendations. These results are pervasive across countries, time periods, and stock groupings, and can be traced to investment banking pressure. Copyright 2008, Michael G. Foster School of Business, University of Washington. Seattle, WA 98195.en_HK
dc.languageengen_US
dc.publisherCambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfqen_HK
dc.relation.ispartofJournal of Financial and Quantitative Analysisen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleHome-biased analysts in emerging marketsen_HK
dc.typeArticleen_HK
dc.identifier.emailLai, S: sandy_lai@hku.hken_HK
dc.identifier.authorityLai, S=rp01620en_HK
dc.description.naturepublished_or_final_versionen_US
dc.identifier.doi10.1017/S0022109000004257en_HK
dc.identifier.scopuseid_2-s2.0-53549124150en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-53549124150&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume43en_HK
dc.identifier.issue3en_HK
dc.identifier.spage685en_HK
dc.identifier.epage716en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridLai, S=15127185200en_HK
dc.identifier.scopusauthoridTeo, M=7004572934en_HK

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats