Analyst optimism and market sentiment: evidence from European corporate sustainability reporters
| dc.contributor.author | Río Solano, María Cristina del | |
| dc.contributor.author | Ferrer Zubiate, Elena | |
| dc.contributor.author | López Arceiz, Francisco José | |
| dc.contributor.department | Institute for Advanced Research in Business and Economics - INARBE | en |
| dc.contributor.funder | Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa | es |
| dc.date.accessioned | 2024-07-18T14:32:36Z | |
| dc.date.available | 2024-07-18T14:32:36Z | |
| dc.date.issued | 2024 | |
| dc.date.updated | 2024-07-18T14:02:15Z | |
| dc.description.abstract | 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. | en |
| dc.description.sponsorship | Financial support from the Public University of Navarre (PJUPNA2023-11379). Also the financial support from grant PID2019-104304GB-I00 funded by MCIN/AEI/ 10.13039/501100011033 and grant TED2021-131216B-I00 funded by MCIN/AEI/10.13039/501100011033 and European Union "NextGenerationEU"/PRTR. Open access funding provided by Universidad Pública de Navarra. | |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.citation | Del Río, C., Ferrer, E., López-Arceiz, F. J. (2024) Analyst optimism and market sentiment: evidence from European corporate sustainability reporters. Research in International Business and Finance, 69, 1-21. https://doi.org/10.1016/j.ribaf.2024.102253. | |
| dc.identifier.doi | 10.1016/j.ribaf.2024.102253 | |
| dc.identifier.issn | 0275-5319 | |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/50333 | |
| dc.language.iso | eng | |
| dc.publisher | Elsevier | |
| dc.relation.ispartof | Research in International Business and Finance 69, 2024, 102253 | |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2019-104304GB-I00/ES/ | |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI//TED2021-131216B-I00/ | |
| dc.relation.publisherversion | https://doi.org/10.1016/j.ribaf.2024.102253 | |
| dc.rights | © 2024 The Author(s). This is an open access article under the CC BY-NC-ND license. | |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
| dc.subject | Financial analysts | en |
| dc.subject | Optimism bias | en |
| dc.subject | Investor sentiment | en |
| dc.subject | Sustainability | en |
| dc.title | Analyst optimism and market sentiment: evidence from European corporate sustainability reporters | en |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.version | info:eu-repo/semantics/publishedVersion | |
| dspace.entity.type | Publication | |
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