Home-Biased Analysts in Emerging Markets

We find that local analyst recommendations are systematically more optimistic than foreign analyst recommendations in emerging markets. The effects of this novel “home bias” among local analysts overwhelm any information asymmetry between foreign and local analysts. Consequently, local analyst upgra...

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Veröffentlicht in:	Journal of financial and quantitative analysis 2008-09, Vol.43 (3), p.685-716
Hauptverfasser:	Lai, Sandy, Teo, Melvyn
Format:	Artikel
Sprache:	eng
Schlagworte:	Analysts Analytical estimating Asymmetric information Behavioural economics Bias Brokerages Coefficients Domestic market Emerging markets Financial analysis Foreign direct investment International trade Investment banking Investors Optimism Press Quantitative analysis Recommendations
Online-Zugang:	Volltext
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