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Hanken School of Economics Working Papers, Hanken School of Economics

No 505:
Do Analysts Leak Information to Preferred Customers?

Anders Ekholm () and Alexander von Nandelstadh ()

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.

Keywords: Financial analyst; information leakage; investor size; (follow links to similar papers)

33 pages, June 11, 2004

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