Analysts and Insiders: Are They Working in Harmony or Silos?
The Horizons Tracker
OCTOBER 15, 2023
The authors find that these two camps of experts often act in decidedly opposite ways, motivated by seemingly direct, yet one-way interactions. Using a dataset covering thousands of firms from 1994 to 2016, the authors examined the relationship between analyst recommendations and insider transactions, as reported in SEC filings.
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