The Post-revision drift, analyst characteristics and investor attention

The aim of this dissertation is to provide a coherent explanation for the post-analyst recommendation drift. First, I find that the post-analyst recommendation drift is explained by the degree of attention paid by individual investors. Second I find that the extremeness and the credibility of information leads to changes in the degree of attention and a post-analyst recommendation drift. Finally, I find that the diffusion of private information contained in the analyst recommendation interacts with attention related biases leading to a post-recommendation drift.