Podrobná bibliografie
| Název: |
Why Do Investors Like Short-leg Securities? Evidence from a Textual Analysis of Buy Recommendations. |
| Autoři: |
Chen, Hailiang, Hwang, Byoung-Hyoun, Peng, Zhuozhen |
| Zdroj: |
Review of Financial Studies; Dec2025, Vol. 38 Issue 12, p3729-3767, 39p |
| Témata: |
STOCK prices, RATE of return on stocks, ECONOMIC forecasting, SECURITIES analysts, INSTITUTIONAL investors, INDIVIDUAL investors |
| Abstrakt: |
Our paper examines analyst reports and online stock opinion articles which recommend buying stocks that, based on the literature, trade at high prices and earn low future returns ("short-leg securities"). Using a textual analysis, we test whether the justifications primarily (1) emphasize safe-haven qualities, (2) indicate exuberance, or (3) highlight lottery-like features. Our results strongly point to (3). We subsequently validate our text-based inferences through a survey of institutional and retail investors with long positions in short-leg securities. Overall, perceived upside potential appears to play a material role in driving investor demand for stocks in the short legs of anomalies. [ABSTRACT FROM AUTHOR] |
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| Databáze: |
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