Microeconometrics Group Seminar November 18, 2021
Title: Inside the mind of expected stock returns Presenter: Byoung-Hyoun Hwang (Nanyang Technological University) Abstract: We consider buy recommendations written on stocks with firm characteristics that prior literature shows predict low returns. We conduct textual analysis and test whether the justifications provided in the buy recommendations are most congruent with a risk framework, investor exuberance, or preference […]