About: Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms

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An Entity of Type : http://linked.opendata.cz/ontology/domain/vavai/Vysledek, within Data Space : linked.opendata.cz associated with source document(s)

Attributes	Values
rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
rdfs:seeAlso	http://mme2012.opf.slu.cz/proceedings/pdf/044_Hanousek.pdf
Description	We analyze the potential conflict of interest between analysts and brokers associated with each other. In contrast to the existing literature we do not analyze prediction accuracy and/or biases in analyst recommendations. Instead we focus our analysis on brokers and examine whether their behavior systematically differs before and after investment recommendations are released. The evolution and dynamics of brokers quotes and trades are used to test for systematic trading patterns around the release of one's own investment recommendation. In the model we control for brokers' responses to other investment advice and employ a SUR estimation framework. Data from the Prague Stock Exchange are used to demonstrate our methodology. Finding significant and systematic differences in brokers' behavior, we conclude that misuse of investment recommendations is widespread. We analyze the potential conflict of interest between analysts and brokers associated with each other. In contrast to the existing literature we do not analyze prediction accuracy and/or biases in analyst recommendations. Instead we focus our analysis on brokers and examine whether their behavior systematically differs before and after investment recommendations are released. The evolution and dynamics of brokers quotes and trades are used to test for systematic trading patterns around the release of one's own investment recommendation. In the model we control for brokers' responses to other investment advice and employ a SUR estimation framework. Data from the Prague Stock Exchange are used to demonstrate our methodology. Finding significant and systematic differences in brokers' behavior, we conclude that misuse of investment recommendations is widespread. (en)
Title	Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms (en)
skos:prefLabel	Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms (en)
skos:notation	RIV/00216208:11640/12:00392390!RIV14-GA0-11640___
http://linked.open...avai/predkladatel	Centrum pro ekonomický výzkum a doktorská studia
http://linked.open...avai/riv/aktivita	I P
http://linked.open...avai/riv/aktivity	I, P(GAP403/11/0020)
http://linked.open...vai/riv/dodaniDat	2014
http://linked.open...aciTvurceVysledku	Hanousek, Jan Kopřiva, František
http://linked.open.../riv/druhVysledku	D - Článek ve sborníku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Univerzita Karlova v Praze / Centrum pro ekonomický výzkum a doktorská studia
http://linked.open...dnocenehoVysledku	131773
http://linked.open...ai/riv/idVysledku	RIV/00216208:11640/12:00392390
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	dealers’ market; emerging markets; informed trading (en)
http://linked.open.../riv/klicoveSlovo	dealers’ market emerging markets informed trading
http://linked.open...ontrolniKodProRIV	[A56F74D9101F]
http://linked.open...v/mistoKonaniAkce	Karviná
http://linked.open...i/riv/mistoVydani	Karviná
http://linked.open...i/riv/nazevZdroje	Proceedings of 30th International Conference Mathematical Methods in Economics
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	2 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...vavai/riv/projekt	Dynamics of information flows and volatility transmission in financial markets
http://linked.open...UplatneniVysledku	2012
http://linked.open...iv/tvurceVysledku	Hanousek, Jan Kopřiva, František
http://linked.open...vavai/riv/typAkce	CST - Celostátní
http://linked.open...ain/vavai/riv/wos	000316715900044
http://linked.open.../riv/zahajeniAkce	2012-09-11 (xsd:date)
number of pages	5 (xsd:int)
http://purl.org/ne...btex#hasPublisher	Slezská univerzita v Opavě. Obchodně podnikatelská fakulta v Karviné
https://schema.org/isbn	978-80-7248-779-0
http://localhost/t...ganizacniJednotka	11640

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