Abstract
This paper investigates the role of published stock recommendations as institutional investor sentiment in the near-term German stock market using stock recommendations published in both print and online media. In line with extant literature for other countries, vector autoregressive analysis reveals that past stock returns drive today's sentiment, but not the other way around. We further document substantial empirical evidence that sentiment based on stock recommendations published online drives its print media counterpart, which is due to the delay financial news are printed and distributed in newspapers.
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