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Do Analysts Leak Information to Preferred Customers?

Author

Listed:
  • Ekholm, Anders

    (Swedish School of Economics and Business Administration)

  • von Nandelstadh, Alexander

    (Swedish School of Economics and Business Administration)

Abstract

Inspired by the recent debate in the financial press, we set out to investigate if financial analysts warn their preferred customers of possible earnings forecast revisions. The issue is explored by monitoring investors’ trading behavior during the weeks prior to analyst earnings forecast revisions, using the unique official stock transactions data set from Finland. In summary, we do not find evidence of large investors systematically being warned of earnings forecast revisions. However, the results indicate that the very largest investors show trading behavior partly consistent with being informed of future earnings forecast revisions.

Suggested Citation

  • Ekholm, Anders & von Nandelstadh, Alexander, 2004. "Do Analysts Leak Information to Preferred Customers?," Working Papers 505, Hanken School of Economics.
    • Handle: RePEc:hhb:hanken:0505
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    Cited by:

    1. Andreev, Andriy & Sjöholm, Hans-Kristian, 2006. "Projections of Pension Fund Solvency under Alternative Accounting Regimes," Working Papers 517, Hanken School of Economics.
    2. Forsman, Maria & Solitander, Nikodemus, 2004. "The Context and Diffusion of Knowledge in the Finnish Jewellery Industry - The role of The House of Fabergé," Working Papers 506, Hanken School of Economics.
    3. Kulp-Tåg, Sofie, 2007. "An Empirical Comparison of Linear and Nonlinear Volatility Models for Nordic Stock Returns," Working Papers 525, Hanken School of Economics.
    4. Ekholm, Bo-Göran & Wallin, Jan, 2004. "Strategic Priorities, Company Performance and Attitudes Towards Management Accounting Techniques: an Empirical Study," Working Papers 507, Hanken School of Economics.
    5. Ekholm, Bo-Göran & Wallin, Jan, 2006. "Flexible Budgeting under Uncertainty: A Real Options Perspective," Working Papers 520, Hanken School of Economics.

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