TY  - CHAP
A1  - König, Frederik
T1  - Analyst behaviour: the geography of social interaction
T2  - Soziale Interaktion auf Finanzmärkten
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  - 2013
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/30073
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-300732
N1  - Bestandteil der kumulativen Dissertation "Soziale Interaktion auf Finanzmärkten" Johann Wolfgang Goethe-Univ. Frankfurt am Main, 2013. Aktualisierte Fassung der Version http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1988831
SP  - 70
EP  - 108
PB  - Univ.-Bibliothek
CY  - Frankfurt am Main
ER  -