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DO ANALYSTS LEAK INFORMATION TO PREFERRED CUSTOMERS?
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Anders Ekholm 
, Alexander von Nandelstadh
Abstract
Our research question is whether financial analysts leak proprietary information to their preferred customers by warning them of future earnings forecast revisions. We explore this question by monitoring investors’ trading behavior during the weeks prior to analyst earnings forecast revisions using a unique stock transactions data set from Finland. We do not find evidence of large investors systematically being warned of future earnings forecast revisions. However, our results indicate that the very largest investors show trading behavior partly consistent with being informed about future earnings forecast revisions.
Keywords: Financial Analyst, Information Leakage, Investor Size
How to cite this paper: Ekholm, A., & Von Nandelstadh, A. (2009). Do analysts leak information to preferred customers? Corporate Ownership & Control, 6(4-3), 357-369. https://doi.org/10.22495/cocv6i4c3p2
