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Cultural Biases in Equity Analysis
[Zeitschriftenartikel]
Abstract A more positive cultural trust bias by an equity analyst's country of origin toward a firm's headquarter country is associated with significantly more positive stock recommendations. The cultural bias effect is stronger for eponymous firms whose names mention their home country and varies over time,... mehr
A more positive cultural trust bias by an equity analyst's country of origin toward a firm's headquarter country is associated with significantly more positive stock recommendations. The cultural bias effect is stronger for eponymous firms whose names mention their home country and varies over time, increasing with negative sentiment. I find evidence of a negative North-South bias during the European debt crisis and United Kingdom-Europe divergence amid Brexit. Share price reactions to recommendations by more biased analysts are weaker, and more biased recommendations are worse predictors of monthly stock returns. More positively biased analysts also assign higher target prices.... weniger
Thesaurusschlagwörter
Eurobarometer; Vorurteil; kulturelle Faktoren; Aktienmarkt; Herkunftsland; Unternehmen; Aktienkurs
Klassifikation
Volkswirtschaftstheorie
Sozialpsychologie
Freie Schlagwörter
Eurobarometer 1996-2018
Sprache Dokument
Englisch
Publikationsjahr
2022
Seitenangabe
S. 163-211
Zeitschriftentitel
Journal of Finance, 77 (2022) 1
DOI
https://doi.org/10.1111/jofi.13095
ISSN
0022-1082
Status
Veröffentlichungsversion; begutachtet (peer reviewed)
Lizenz
Creative Commons - Namensnennung, Nicht kommerz., Keine Bearbeitung 4.0