Essays on Asset Management : Analyst Ratings, Reports, and Return Expectations

Abstract: “Mutual Fund Analysts as Information Intermediaries” studies mutual fund analyst reports in the context of active fund management models and how the reports’ informational content relates to fund flows and performance using dictionary-based and machine-learning approaches. “Are Subjective Expectations Formed as in Rational Expectations Models of Active Management?” examines forward-looking performance expectations of mutual fund analysts for global active equity funds. “Subjective Expectations and Overreaction in the Mutual Fund Industry” investigates forecast revisions and analyzes the accuracy of professional analysts’ forecasts of mutual fund returns.