Corredor Casado, María Pilar

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https://academica-e.unavarra.es/handle/2454/48868

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Corredor Casado

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María Pilar

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Gestión de Empresas

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0003-1739-0095

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88426

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421

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Author: Santamaría Aquilué, Rafael × Subject: Analysts ×

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    PublicationOpen Access
    Value of analysts’ consensus recommendations and investor sentiment
    (Taylor & Francis, 2013) Corredor Casado, María Pilar; Ferrer Zubiate, Elena; Santamaría Aquilué, Rafael; Gestión de Empresas; Enpresen Kudeaketa
    This paper studies the effect of investor sentiment on analysts' consensus recommendations. Our results show that the optimistic bias of analysts in the issuing of recommendations is affected by investor sentiment: the greater the investor sentiment, the more optimistically biased the analysts’ consensus recommendations. This bias is larger in stocks whose characteristics make them hard to value or to arbitrage. We also show that investor sentiment can help in the design of profitable strategies, particularly when taking the short position in portfolios with high sentiment sensitivity stocks.