Access the full text.
Sign up today, get DeepDyve free for 14 days.
Canice Prendergast, Lars Stole (1996)
Impetuous Youngsters and Jaded Old-Timers: Acquiring a Reputation for LearningJournal of Political Economy, 104
E. Fama, K. French (1993)
Common risk factors in the returns on stocks and bondsJournal of Financial Economics, 33
Xia Chen (2004)
Analyst ranking, affiliation, and the market reaction to stock recommendations for IPOs
Harrison Hong, Jeffrey Kubik (2003)
Analyzing the Analysts: Career Concerns and Biased Earnings ForecastsJournal of Finance, 58
Michael Clement (1999)
Analyst Forecast Accuracy: Do Ability, Resources and Portfolio Complexity Matter?Journal of Accounting and Economics, 27
Andrew Jackson (2003)
Trade Generation, Reputation and Sell-Side AnalystsFinancial Accounting
H. Lin, M. McNichols (1998)
Underwriting relationships, analysts' earnings forecasts and investment recommendationsJournal of Accounting and Economics, 25
B. Barber, Reuven Lehavy, Brett Trueman (2005)
Comparing the Stock Recommendation Performance of Investment Banks and Independent Research FirmsMutual Funds
Kent Womack (1996)
Do Brokerage Analysts' Recommendations Have Investment Value?Journal of Finance, 51
B. Barber, Reuven Lehavy, Brett Trueman (2009)
Ratings Changes, Ratings Levels, and the Predictive Value of Analysts' RecommendationsCapital Markets: Market Efficiency
Scott Stickel (1992)
Reputation and Performance Among Security AnalystsJournal of Finance, 47
M. Slovin, M. Sushka (1997)
The Implications of Equity Issuance Decisions within a Parent-Subsidiary Governance StructureJournal of Finance, 52
Tyler Shumway (1997)
The Delisting Bias in CRSP DataJournal of Finance, 52
Krishnaswami Krishnaswami, Subramaniam Subramaniam (1999)
Information asymmetry, valuation, and the corporate Spin‐off decisionJournal of Financial Economics, 53
Schill Schill, Zhou Zhou (2001)
Pricing an emerging industry: evidence from internet subsidiary carve‐outsFinancial Management, 30
(2004)
The Good, the bad, and the ugly? Differences in analyst behavior at investment banks, brokerages, and independent research firms, Working paper (Georgia Institute of Technology, Atlanta, GA)
(2002)
Dynegy is touted by Wall Street analysts even as troubles mount,Wall
Irvine Irvine (2004)
Analysts’ forecast and brokerage‐firm tradingAccounting Review, 79
R. Loh, G. Mian (2006)
Do Accurate Earnings Forecasts Facilitate Superior Investment Recommendations?Financial Accounting eJournal
A. Jacquemin, M. Slade (1989)
Cartels, collusion, and horizontal mergerHandbook of Industrial Organization, 1
(2002)
Solving the sell-side research problem: insights from buy-side professionals, Working paper (University of New Mexico and Dartmouth College, Hanover, NH)
Malloy Malloy (2005)
The geography of equity analysisJournal of Finance, 60
Anup Agrawal, Mark Chen (2007)
Do Analyst Conflicts Matter? Evidence from Stock RecommendationsThe Journal of Law and Economics, 51
(2002)
Dynegy is touted by Wall Street analysts even as troubles mount
Bruce Phelps (2001)
Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns
Chenchuramaiah Bathala (2010)
Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related RegulationsCfa Digest, 40
(2004)
Analysts’ Affiliation, ranking, and the market reaction to stock recommendations for IPOs, Working paper (University of British Columbia, Vancouver, B.C.)
Barber (2001)
Can investors profit from the prophets? security analyst recommendations and stock returnsJournal of Finance, 56
Loh Loh, Mian Mian (2006)
Do accurate earnings forecasts facilitate superior investment recommendations?Journal of Financial Economics, 80
Michael Schill, Chunsheng Zhou (1999)
Pricing an Emerging Industry: Evidence from Internet Subsidiary Carve-OutsCorporate Finance: Valuation
K. Schipper, Abbie Smith (1986)
A comparison of equity carve-outs and seasoned equity offerings: Share price effects and corporate restructuringJournal of Financial Economics, 15
Paul Irvine (2003)
Analysts' Forecasts and Brokerage-Firm TradingFinancial Accounting
Daniel Daniel, Hirshleifer Hirshleifer, Subrahmanyam Subrahmanyam (1998)
Investor psychology and security market under‐ and overreactionsJournal of Finance, 53
Patricia Dechow, Amy Hutton, Richard Sloan (1999)
The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity OfferingsCapital Markets: Market Efficiency eJournal
M. McNichols, P. O'brien, Omer Pamukcu (2006)
That Ship Has Sailed: Unaffiliated Analysts' Recommendation Performance for IPO FirmsLSN: Law & Finance: Empirical (Topic)
Tyler Shumway, Vincent Warther (1999)
The Delisting Bias in CRSP's Nasdaq Data and Its Implications for the Size EffectJournal of Finance, 54
Daniel Bradley, Bradford Jordan, J. Ritter (2008)
Analyst Behavior Following IPOs: The “Bubble Period” EvidenceReview of Financial Studies, 21
Jonathan Clarke, Stephen Ferris, Jinsoo Lee, Narayanan Jayaraman (2006)
Are Analyst Recommendations Biased? Evidence from Corporate BankruptciesJournal of Financial and Quantitative Analysis, 41
Michael Yoshino, U. Rangan (1995)
Strategic Alliances: An Entrepreneurial Approach to Globalization
Mitchell Mitchell, Pulvino Pulvino, Stafford Stafford (2002)
Limited arbitrage in equity marketsJournal of Finance, 57
(2004)
The Good, the bad, and the ugly? Differences in analyst behavior at investment banks, brokerages, and independent research firms, Working paper
Lauren Cohen, Andrea Frazzini, Christopher Malloy (2008)
Sell Side School TiesLabor: Human Capital
Amanda Cowen, Boris Groysberg, P. Healy (2006)
Which Types of Analyst Firms Are More OptimisticJournal of Accounting and Economics, 41
Ulrike Malmendier, Devin Shanthikumar (2007)
Do Security Analysts Speak in Two Tongues?SPGMI: Compustat Fundamentals (Topic)
Patrick Cusatis, J. Miles, J. Woolridge (1993)
Restructuring through spinoffs: The stock market evidenceJournal of Financial Economics, 33
J. Miles, J. Rosenfeld (1983)
The Effect of Voluntary Spin-off Announcements on Shareholder WealthJournal of Finance, 38
(2003)
Econometric Analysis
M. Slovin, M. Sushka (1998)
The economics of parent-subsidiary mergers:: an empirical analysisJournal of Financial Economics, 49
Barber (2006)
Buys, holds, and sells: the distribution of investment banks’ stock rating and the implications for the profitability of analysts’ recommendationsJournal of Accounting and Economics, 41
Sudha Krishnaswami, Venkat Subramaniam (1999)
Information Asymmetry, Valuation, and the Corporate Spin-Off DecisionCorporate Finance: Valuation
(1994)
Bank ownership of investment dealers
Adam Kolasinski, S. Kothari (2008)
Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated with Mergers and Acquisitions AdvisorsJournal of Financial and Quantitative Analysis, 43
M. Ellis (2008)
Do Affiliated Analysts Mean What They Say
Jackson Jackson (2005)
Trade generation, reputation and sell‐side analystsJournal of Finance, 60
Simona Mola, Massimo Guidolin (2007)
Affiliated Mutual Funds and Analyst Optimism
Roni Michaely, Kent Womack (1999)
Conflict of interest and the credibility of underwriter analyst recommendationsReview of Financial Studies, 12
Leslie Boni, Kent Womack (2004)
Analysts, Industries, and Price MomentumJournal of Financial and Quantitative Analysis, 41
Christopher Malloy (2003)
The Geography of Equity AnalysisS&P Global Market Intelligence Research Paper Series
Mark Mitchell, Todd Pulvino, Erik Stafford (2000)
Limited Arbitrage in Equity MarketsCapital Markets: Asset Pricing & Valuation eJournal
Boris Groysberg, P. Healy, C. Chapman, Devin Shanthikumar, Yang Gui (2007)
Do Buy-Side Analysts Out-Perform the Sell-Side?Capital Market Intermediaries
Rachel Hayes (1998)
The impact of trading commission incentives on analysts' stock coverage decisions and earnings forecastsJournal of Accounting Research, 36
Barber (2007)
Comparing the stock recommendation performance of investment banks and independent research firmsJournal of Financial Economics, 85
Renée Adams, Hamid Mehran (2003)
Is Corporate Governance Different for Bank Holding Companies?LSN: Corporate Governance U.S. (Topic)
Carhart Carhart (1997)
On persistence in mutual fund performanceJournal of Finance, 52
Dechow Dechow, Hutton Hutton, Sloan Sloan (2000)
The relation between analysts’ long‐term earnings growth and stock price performance following equity offeringsContemporary Accounting Research, 17
Jonathan Clarke, A. Khorana, A. Patel, P. Rau (2011)
Independents’ day? Analyst behavior surrounding the Global SettlementAnnals of Finance, 7
B. Barber, Reuven Lehavy, M. McNichols, Brett Trueman (2005)
Buys, Holds, and Sells: The Distribution of Investment Banks' Stock Ratings and the Implications for the Profitability of Analysts' RecommendationsRoss: Accounting (Topic)
(2002)
Solving the sell-side research problem: insights from buy-side professionals
Ryan Meyers (2001)
Partial Ownership of Subsidiaries, Unity of Purpose, and Antitrust LiabilityUniversity of Chicago Law Review, 68
Stephen Wilcox (1999)
Investor Psychology and Security Market Under- and OverreactionsCfa Digest, 29
Kadan Kadan, Madureira Madureira, Wang Wang, Zach Zach (2009)
Conflict of interest and stock recommendations: the effect of the Global Settlement and related regulationsReview of Financial Studies, 22
A. Leone, Joanna Wu (2007)
What Does it Take to Become a Superstar? Evidence from Institutional Investor Rankings of Financial AnalystsBanking & Financial Institutions eJournal
Adam Kolasinski, S. Kothari (2004)
Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated With M&A Advisors
Yonca Ertimur, Jayanthi Sunder, S. Sunder (2006)
Measure for Measure: The Relation between Forecast Accuracy and Recommendation Profitability of AnalystsIO: Regulation
Mark Grinblatt, S. Titman (1992)
The Persistence of Mutual Fund PerformanceJournal of Finance, 47
Anand Vijh (2004)
Does a Parent-Subsidiary Structure Enhance Financing Flexibility?SPGMI: Compustat Fundamentals (Topic)
We uncover a new source for the conflict of interest in analyst coverage existed before the Regulation FD period by examining whether recommendations within the parent–subsidiary (PS) relationship are more optimistic and whether they have better investment value than non‐PS recommendations. We find evidence consistent with the conflict of interest: PS analysts on average issue more optimistic recommendations, but their recommendations have worse or no better investment value in the calendar‐time portfolio analysis. Analyst firm PS relationship is another source for the conflict of interest in analyst coverage that has not been identified before.
Accounting & Finance – Wiley
Published: Sep 1, 2013
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.