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Tipping

delete2006-07-06
delete228
PRE
AI
P
Paul J. Irvine *
M
Marc L. Lipson
A
Andy Puckett
DOI：10.1093/rfs/hhl027delete
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Abstract

Abstract

En 中文
We investigate the trading of institutions immediately before the release of analysts' initial buy recommendations. We document abnormally high institutional trading volume and buying beginning five days before recommendations are publicly released. Abnormal buying is related to initiation characteristics that would require knowledge of the content of the report-such as the identity of the analyst and brokerage firm, and whether the recommendation is a strong buy. We confirm that institutions buying before the recommendation release earn abnormal profits. Our results are consistent with institutional traders receiving tips regarding the contents of forthcoming analysts' reports.
Keywords:
ANALYSTS
FORECASTS
RECOMMENDATIONS
INFORMATION
IMPACT
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Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.

Journal

Review of Financial Studies cover
Review of Financial Studies
IF:
5.4
Papers:
2.8K
Citations:
3.0W

Organization

No organization information available