التفاصيل البيبلوغرافية
| العنوان: |
The Geography of Equity Analysis. |
| المؤلفون: |
MALLOY, CHRISTOPHER J. |
| المصدر: |
Journal of Finance (Wiley-Blackwell); Apr2005, Vol. 60 Issue 2, p719-755, 37p, 10 Charts |
| مصطلحات موضوعية: |
INVESTMENT analysis, RATE of return on stocks, GEOGRAPHY, FINANCE, ECONOMIC forecasting, FINANCIAL performance, EQUITY (Law), STOCK prices, INSURANCE, FINANCIAL analysts, PREJUDICES, BUSINESS finance |
| مستخلص: |
I provide evidence that geographically proximate analysts are more accurate than other analysts. Stock returns immediately surrounding forecast revisions suggest that local analysts impact prices more than other analysts. These effects are strongest for firms located in small cities and remote areas. Collectively these results suggest that geographically proximate analysts possess an information advantage over other analysts, and that this advantage translates into better performance. The well-documented underwriter affiliation bias in stock recommendations is concentrated among distant affiliated analysts; recommendations by local affiliated analysts are unbiased. This finding reveals a geographic component to the agency problems in the industry. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
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