TY  - RPRT
A1  - König, Frederik
T1  - Analyst behaviour: the geography of social interaction
N2  - An analyst who works in Germany is more likely to publish a high (low) price target regarding a DAX30 stock if other Germany based analysts are also optimistic (pessimistic) about the same stock. This finding is not biased by the fact that DAX30 companies are headquartered in Germany. In times of bull markets, price targets of analysts who regularly exchange their opinion are higher correlated compared to other analysts. This effect vanishes in a bearish market environment. This suggests that communication among analysts indeed plays an important role. However, analysts’ incentives induce them not to deviate too much from the overall average during an economic downturn.
KW  - Analyst Behaviour
KW  - Social Interaction
KW  - Herding
KW  - Word-of-Mouth
Y1  - 2012
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/30074
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-300742
UR  - http://ssrn.com/abstract=1988831
IS  - SSRN-id1988831
SP  - 1
EP  - 29
PB  - Social Science Electronic Publ.
CY  - [S.l.]
ER  -