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• This is an attention to domestic investors of tree planting in Tanzania. • Investors are urbanites, villagers, rural-urbanites, institutions, local leaders. • Employed mechanisms of land access are capital, social identity, and authority. • Land investments for tree planting significantly increase the pressure on land. Processes involved in making land-based investments in the global South are more complex than the literature on land-grabbing shows. This study diverges in its focus from foreign-led investments to South- South investments dominated by domestic investors. Recent studies have suggested that the scale of domestic investments may exceed those of foreign investors. However, our knowledge about these domestic investors - who they are and how they access land - is limited. This study reviews literature on land-based investments in Africa and analyses empirical research into acquisitions of land for timber investments in the Southern Highlands of Tanzania. The paper serves a dual purpose, developing a typology of domestic investors involved in tree planting in the Southern Highlands, and improving our understanding of the diversity of private domestic land-based investments in Africa. The study identifies five major types of such investors: urban-based investors without local ties, urban-based investors originating in the area in which the investments are taking place, resident villagers, government and religious institutions and local leaders. In the main each category uses one of three different access mechanisms, namely capital, social identity, and authority. In general, access to land for non industrial private forest investors in Tanzania's Southern Highlands is facilitated by the state to a lesser extent and with less use of force. By unpacking the diversity of domestic investors, the paper suggests that the impacts of these investors on local livelihoods differ at the local level. However, more research is needed on the scale and impact of each type of domestic investor. [ABSTRACT FROM AUTHOR]

[Display omitted] • Analyst recommendation revisions impact stock returns, trading behavior, and investor sentiment. • Sentiment explains overconfidence when investors' prior beliefs are overly optimistic or pessimistic. • Domestic investors drive irrational sentiment trades around analyst recommendation revisions. This study examines irrational stock market reactions to analyst recommendation revisions depending on investor sentiment levels prior to analyst report announcements. We construct a firm-specific sentiment indicator by extending Huang et al. (2015 , Review of Financial Studies , 28, pp.791–837). Analyst recommendation revisions have more pronounced effects for downgrades, which is attributable to sentiment effects. Domestic investors tend to react less to upgrades (downgrades) news when their prior beliefs are pessimistic (optimistic), implying that they are overconfident. The domestic investors drive sentiment trades, whereas foreign investors are not biased. [ABSTRACT FROM AUTHOR]