Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F12%3A00392390" target="_blank" >RIV/00216208:11640/12:00392390 - isvavai.cz</a>
Result on the web
<a href="http://mme2012.opf.slu.cz/proceedings/pdf/044_Hanousek.pdf" target="_blank" >http://mme2012.opf.slu.cz/proceedings/pdf/044_Hanousek.pdf</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms
Original language description
We analyze the potential conflict of interest between analysts and brokers associated with each other. In contrast to the existing literature we do not analyze prediction accuracy and/or biases in analyst recommendations. Instead we focus our analysis onbrokers and examine whether their behavior systematically differs before and after investment recommendations are released. The evolution and dynamics of brokers quotes and trades are used to test for systematic trading patterns around the release of one's own investment recommendation. In the model we control for brokers' responses to other investment advice and employ a SUR estimation framework. Data from the Prague Stock Exchange are used to demonstrate our methodology. Finding significant and systematic differences in brokers' behavior, we conclude that misuse of investment recommendations is widespread.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
<a href="/en/project/GAP403%2F11%2F0020" target="_blank" >GAP403/11/0020: Dynamics of information flows and volatility transmission in financial markets</a><br>
Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2012
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Proceedings of 30th International Conference Mathematical Methods in Economics
ISBN
978-80-7248-779-0
ISSN
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e-ISSN
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Number of pages
5
Pages from-to
255-259
Publisher name
Silesian University in Opava, School of Business Administration in Karviná
Place of publication
Karviná
Event location
Karviná
Event date
Sep 11, 2012
Type of event by nationality
CST - Celostátní akce
UT code for WoS article
000316715900044