When Analysts Talk, Do Institutional Investors Listen? Evidence from Target Price Changes
研究发现机构投资者会跟随分析师的目标价变化进行交易，尤其在小型、低流动性公司中更明显，但这种跟随策略并未带来超额收益。
Abstract We find that institutions trade in the same direction as target price changes based on 6,415 U.S. firms from 1999 to 2011, even after controlling changes in stock recommendations and earnings forecasts. The impact of target price changes on institutional trading is more pronounced for small firms, firms followed by few analysts, and illiquid firms, and is mainly limited to transient institutions. We do not find any outperformance for institutions to follow analysts’ target price forecasts, suggesting that institutions could find it easier to justify their investment decisions by following analyst forecasts, although such trading does not result in outperformance.