The Relationship between Analyst Forecasts, Investment Fund Flows and Market Returns = Elemzői előrejelzések, befektetési alapok pénzáramlása és a részvénypiaci hozamok kapcsolata. A feltörekvő európai részvénypiac vizsgálata

摘要

We presented our results in this dissertation and showed the value of analyst opinion and fund flow data in understanding returns through the example of Emerging European equity markets. With wider-spread availability of the analyst opinion and fund flow data, we hope more academic research would cover the microstructure of the cash equities business, that would ultimately benefit investor and capital markets.