How do analyst recommendations on banks respond to monetary policy news? An application to the Eurozone
| dc.rights.license | open | en_US |
| hal.structure.identifier | Bordeaux Sciences Economiques [BSE] | |
| dc.contributor.author | BRANA, Sophie
IDREF: 035237341 | |
| dc.contributor.author | BRO DE COMÈRES, Quentin | |
| dc.contributor.author | VAUBOURG, Anne-Gaël | |
| dc.date.accessioned | 2025-01-08T10:19:07Z | |
| dc.date.available | 2025-01-08T10:19:07Z | |
| dc.date.issued | 2024-11-08 | |
| dc.identifier.issn | 0003-6846 | en_US |
| dc.identifier.uri | oai:crossref.org:10.1080/00036846.2024.2422110 | |
| dc.identifier.uri | https://oskar-bordeaux.fr/handle/20.500.12278/204192 | |
| dc.description.abstractEn | We assess the extent to which stock analysts consider European Central Bank monetary policy decisions when formulating their investment recommendations on European banks from 2002 to 2020. To identify monetary policy shocks, we extract monetary policy factors from high-frequency rate movements surrounding monetary policy announcements. Our findings indicate that stock analysts are more concerned with non-standard (or unconventional) monetary policy measures than standard policy measures. We also demonstrate that analysts interpret restrictive (accommodative) monetary surprises as positive (negative) news for bank financial health, particularly during periods characterized by high levels of financial uncertainty. Finally, we emphasize that the reaction of stock recommendations to rate- and forward guidance-related decisions is primarily influenced by the implicit disclosure of information on the economic outlook by the ECB along with its monetary policy decision. | |
| dc.language.iso | EN | en_US |
| dc.source | crossref | |
| dc.subject.en | European Central Bank | |
| dc.subject.en | Monetary policy | |
| dc.subject.en | Stock analysts | |
| dc.subject.en | Signaling channel | |
| dc.subject.en | Local projections | |
| dc.title.en | How do analyst recommendations on banks respond to monetary policy news? An application to the Eurozone | |
| dc.type | Article de revue | en_US |
| dc.identifier.doi | 10.1080/00036846.2024.2422110 | en_US |
| dc.subject.hal | Sciences de l'Homme et Société/Economies et finances | en_US |
| dc.subject.jel | E - Macroeconomics and Monetary Economics::E4 - Money and Interest Rates::E44 - Financial Markets and the Macroeconomy | en_US |
| dc.subject.jel | E - Macroeconomics and Monetary Economics::E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit::E52 - Monetary Policy | en_US |
| dc.subject.jel | G - Financial Economics::G2 - Financial Institutions and Services::G22 - Insurance; Insurance Companies; Actuarial Studies | en_US |
| dc.subject.jel | G - Financial Economics::G2 - Financial Institutions and Services::G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies | en_US |
| bordeaux.journal | Applied Economics | en_US |
| bordeaux.page | 1-18 | en_US |
| bordeaux.hal.laboratories | Bordeaux Sciences Economiques / Bordeaux School of Economics (BSE) - UMR 6060 | en_US |
| bordeaux.institution | Université de Bordeaux | en_US |
| bordeaux.institution | CNRS | en_US |
| bordeaux.institution | INRAE | en_US |
| bordeaux.peerReviewed | oui | en_US |
| bordeaux.inpress | non | en_US |
| bordeaux.import.source | dissemin | |
| hal.identifier | hal-04873146 | |
| hal.version | 1 | |
| hal.date.transferred | 2025-01-08T10:19:09Z | |
| hal.popular | non | en_US |
| hal.audience | Internationale | en_US |
| hal.export | true | |
| workflow.import.source | dissemin | |
| dc.rights.cc | Pas de Licence CC | en_US |
| bordeaux.COinS | ctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Applied%20Economics&rft.date=2024-11-08&rft.spage=1-18&rft.epage=1-18&rft.eissn=0003-6846&rft.issn=0003-6846&rft.au=BRANA,%20Sophie&BRO%20DE%20COM%C3%88RES,%20Quentin&VAUBOURG,%20Anne-Ga%C3%ABl&rft.genre=article |
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