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Cultural Biases in Equity Analysis

[journal article]

Pursiainen, Vesa

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,... view more

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.... view less

Keywords
Eurobarometer; prejudice; cultural factors; stock market; country of origin; enterprise; stock quotation

Classification
National Economy
Social Psychology

Free Keywords
Eurobarometer 1996-2018

Document language
English

Publication Year
2022

Page/Pages
p. 163-211

Journal
Journal of Finance, 77 (2022) 1

DOI
https://doi.org/10.1111/jofi.13095

ISSN
0022-1082

Status
Published Version; peer reviewed

Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0


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Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.
 

 

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