The August Journal of Financial Economics reports that large traders tend to compensate for the fact that "security analysts tend to bias stock recommendations upward, particularly if [the analyst is] affiliated with the underwriter." But "small traders, instead, follow recommendations literally.
Naive Small Investors
Naive Small Investors
Naive Small Investors
The August Journal of Financial Economics reports that large traders tend to compensate for the fact that "security analysts tend to bias stock recommendations upward, particularly if [the analyst is] affiliated with the underwriter." But "small traders, instead, follow recommendations literally.
Comments on this post are for paid subscribers