Article2006

Tipping

Paul J. Irvine · Marc Lars Lipson · Andy Puckett

306 citations0/0 files storedReview of Financial Studies

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

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. (JEL G14, G18, G24)

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 306 citations exist upstream.

References

1996Do Brokerage Analysts' Recommendations Have Investment Value?1999Conflict of Interest and the Credibility of Underwriter Analyst Recommendations 2001Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns 1992Reputation and Performance Among Security Analysts 1990Analyst Following and Institutional Ownership 1992Long-Lived Private Information and Imperfect Competition 2003The Dynamics of Institutional and Individual Trading 1996The Impact of Security Analysts' Monitoring and Marketing Functions on the Market Value of Firms

Cited by

2010Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements 2014Are Institutions Informed About News?2012Analyst Initiations of Coverage and Stock Return Synchronicity 2008Information flows within financial conglomerates: Evidence from the banks–mutual funds relation 2016Analysts’ Forecasts and Asset Pricing: A Survey

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.