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%2F13%3A00392174" target="_blank" >RIV/00216208:11640/13:00392174 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1016/j.irfa.2013.02.015" target="_blank" >http://dx.doi.org/10.1016/j.irfa.2013.02.015</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.irfa.2013.02.015" target="_blank" >10.1016/j.irfa.2013.02.015</a>
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 analysison brokers 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 ofone's own investment recommendation. In the model we control for brokers' responses to other investment advices 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
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
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
2013
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
International Review of Financial Analysis
ISSN
1057-5219
e-ISSN
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Volume of the periodical
28
Issue of the periodical within the volume
June
Country of publishing house
NL - THE KINGDOM OF THE NETHERLANDS
Number of pages
7
Pages from-to
86-92
UT code for WoS article
000320687200009
EID of the result in the Scopus database
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