Value of analysts’ consensus recommendations and investor sentiment

This is an accepted manuscript of an article published by Taylor & Francis in Journal of Behavioral Finance on July 2013, available online: http://dx.doi.org/10.1080/15427560.2013.819805

Detalles Bibliográficos
Autores: Corredor Casado, María Pilar, Ferrer Zubiate, Elena, Santamaría Aquilué, Rafael
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2013
País:España
Institución:Universidad Pública de Navarra
Repositorio:Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
OAI Identifier:oai:academica-e.unavarra.es:2454/18655
Acceso en línea:https://hdl.handle.net/2454/18655
Access Level:acceso abierto
Palabra clave:Investor sentiment
Analysts
Consensus recomendations
Finance
Behaviour
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spelling Value of analysts’ consensus recommendations and investor sentimentCorredor Casado, María PilarFerrer Zubiate, ElenaSantamaría Aquilué, RafaelInvestor sentimentAnalystsConsensus recomendationsFinanceBehaviourThis is an accepted manuscript of an article published by Taylor & Francis in Journal of Behavioral Finance on July 2013, available online: http://dx.doi.org/10.1080/15427560.2013.819805This paper studies the effect of investor sentiment on analysts' consensus recommendations. Our results show that the optimistic bias of analysts in the issuing of recommendations is affected by investor sentiment: the greater the investor sentiment, the more optimistically biased the analysts’ consensus recommendations. This bias is larger in stocks whose characteristics make them hard to value or to arbitrage. We also show that investor sentiment can help in the design of profitable strategies, particularly when taking the short position in portfolios with high sentiment sensitivity stocks.This paper has received financial support from the Spanish Ministry of Science and Innovation (ECO2009-12819).Taylor & FrancisGestión de EmpresasEnpresen Kudeaketa2013info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttps://hdl.handle.net/2454/18655reponame:Academica-e. Repositorio Institucional de la Universidad Pública de Navarrainstname:Universidad Pública de NavarraInglésinfo:eu-repo/grantAgreement/MICINN//ECO2009-12819-C03-01© 2013 Taylor & Francisinfo:eu-repo/semantics/openAccessoai:academica-e.unavarra.es:2454/186552026-06-17T12:41:47Z
dc.title.none.fl_str_mv Value of analysts’ consensus recommendations and investor sentiment
title Value of analysts’ consensus recommendations and investor sentiment
spellingShingle Value of analysts’ consensus recommendations and investor sentiment
Corredor Casado, María Pilar
Investor sentiment
Analysts
Consensus recomendations
Finance
Behaviour
title_short Value of analysts’ consensus recommendations and investor sentiment
title_full Value of analysts’ consensus recommendations and investor sentiment
title_fullStr Value of analysts’ consensus recommendations and investor sentiment
title_full_unstemmed Value of analysts’ consensus recommendations and investor sentiment
title_sort Value of analysts’ consensus recommendations and investor sentiment
dc.creator.none.fl_str_mv Corredor Casado, María Pilar
Ferrer Zubiate, Elena
Santamaría Aquilué, Rafael
author Corredor Casado, María Pilar
author_facet Corredor Casado, María Pilar
Ferrer Zubiate, Elena
Santamaría Aquilué, Rafael
author_role author
author2 Ferrer Zubiate, Elena
Santamaría Aquilué, Rafael
author2_role author
author
dc.contributor.none.fl_str_mv Gestión de Empresas
Enpresen Kudeaketa
dc.subject.none.fl_str_mv Investor sentiment
Analysts
Consensus recomendations
Finance
Behaviour
topic Investor sentiment
Analysts
Consensus recomendations
Finance
Behaviour
description This is an accepted manuscript of an article published by Taylor & Francis in Journal of Behavioral Finance on July 2013, available online: http://dx.doi.org/10.1080/15427560.2013.819805
publishDate 2013
dc.date.none.fl_str_mv 2013
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2454/18655
url https://hdl.handle.net/2454/18655
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv info:eu-repo/grantAgreement/MICINN//ECO2009-12819-C03-01
dc.rights.none.fl_str_mv © 2013 Taylor & Francis
info:eu-repo/semantics/openAccess
rights_invalid_str_mv © 2013 Taylor & Francis
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Taylor & Francis
publisher.none.fl_str_mv Taylor & Francis
dc.source.none.fl_str_mv reponame:Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
instname:Universidad Pública de Navarra
instname_str Universidad Pública de Navarra
reponame_str Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
collection Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
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repository.mail.fl_str_mv
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score 15,301603

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