We examine institutional trading in relation to changes in consensus recommendations over time. We find that pre-Reg FD's positive contemporaneous relation between hedge fund trading and change in consensus becomes negative after Reg FD, but the positive relation between nonhedge fund trading and change in consensus continues even after Reg FD. Furthermore, during post-Reg FD, while the performance of hedge funds’ trades that contradict with analysts improve, nonhedge funds’ trades that agree with analysts significantly deteriorate. Our evidence suggests that hedge funds have better information processing skill and are more cognizant about the role of selective information in analyst recommendations.

中文翻译：

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卖方分析师建议修订与监管公平披露前后的对冲基金交易

我们检查与共识建议随时间变化有关的机构交易。我们发现，在 Reg FD 之后，pre-Reg FD 对冲基金交易与共识变化之间的正同期关系变为负相关，但即使在 Reg FD 之后，非对冲基金交易与共识变化之间的正相关关系仍在继续。此外，在后 Reg FD 期间，虽然与分析师相矛盾的对冲基金交易的表现有所改善，但与分析师一致的非对冲基金交易的表现却显着恶化。我们的证据表明，对冲基金具有更好的信息处理能力，并且更清楚选择性信息在分析师建议中的作用。