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Río Solano, María Cristina del

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https://academica-e.unavarra.es/handle/2454/49855

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Río Solano

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María Cristina del

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Gestión de Empresas

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0002-0901-122X

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Author: López Arceiz, Francisco José × Author: Río Solano, María Cristina del × Subject: Financial analysts × Subject: Investor sentiment ×

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    PublicationOpen Access
    Analyst optimism and market sentiment: evidence from European corporate sustainability reporters
    (Elsevier, 2024) Río Solano, María Cristina del; Ferrer Zubiate, Elena; López Arceiz, Francisco José; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
    This study investigates the effect of investor sentiment on analysts’ optimism bias for a set of European companies with high-quality non-financial information reporting. The contents of the reports should make stock recommendations for such firms that are less prone to sentiment-driven optimism bias; our observations show this to be the case. For further insight, we analysed the informative value of stock recommendations in high- and low-sentiment periods, taking sustainability reporting quality into account. We find that buy recommendations for high-sustainability stocks have no informational value when sentiment is high, whereas informative recommendations in the form of sell recommendations for low-sustainability stocks appear when sentiment is high.