Access the full text.
Sign up today, get DeepDyve free for 14 days.
Mark Lang, Russell Lundholm (1997)
Voluntary Disclosure and Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?*Contemporary Accounting Research, 17
(1991)
Heard on the Street
J. Ritter (1991)
The Long-Run Performance of Initial Public OfferingsJournal of Finance, 46
S. Teoh, I. Welch, T. Wong (1998)
Earnings Management and the Long-Run Market Performance of Initial Public OfferingsJournal of Finance, 53
H. Lin, M. McNichols (1998)
Underwriting relationships, analysts' earnings forecasts and investment recommendationsJournal of Accounting and Economics, 25
KahnemanDaniel, LovalloDan (1993)
Timid Choices and Bold ForecastsManagement Science
Kent Womack (1996)
Do Brokerage Analysts' Recommendations Have Investment Value?Journal of Finance, 51
(1994)
The Changing Role of the Securities Analyst in Initial Public Insights 8
Scott Stickel (1992)
Reputation and Performance Among Security AnalystsJournal of Finance, 47
E. Dimson, P. Marsh (1986)
Event study methodologies and the size effectJournal of Financial Economics, 17
K. Ellis, Roni Michaely, Maureen O'Hara (2000)
When the Underwriter Is the Market Maker: An Examination of Trading in the IPO AftermarketJournal of Finance, 55
R. Rajan, H. Servaes (1997)
Analyst Following of Initial Public OfferingsJournal of Finance, 52
Roni Michaely, W. Shaw (1994)
The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling TheoriesReview of Financial Studies, 7
Amitabh Dugar, Siva Nathan (1995)
The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations*Contemporary Accounting Research, 12
(1997)
How One Top Analyst Vaults 'Chinese Wall' to Do Deals for Firm
R. Ibbotson, J. Sindelar, J. Ritter (1994)
THE MARKET'S PROBLEMS WITH THE PRICING OF INITIAL PUBLIC OFFERINGSJournal of Applied Corporate Finance, 7
Ravi Bhushan (1989)
Firm characteristics and analyst followingJournal of Accounting and Economics, 11
(1995)
Market Reaction to Analyst Initiations, " working paper
E. Elton, M. Gruber, S. Grossman (1986)
Discrete Expectational Data and Portfolio PerformanceJournal of Finance, 41
Linda Canina, Roni Michaely, R. Thaler, Kent Womack (1998)
Caveat Compounder: A Warning about Using the Daily CRSP Equal‐Weighted Index to Compute Long‐Run Excess ReturnsJournal of Finance, 53
D. Kahneman, D. Lovallo (1993)
Timid choices and bold forecasts: a cognitive perspective on risk takingManagement Science, 39
L. Krigman, Kent Womack (2001)
Why Do Firms Switch Underwriters?Corporate Finance: Capital Structure & Payout Policies
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
(1999)
The Review of Financial Studies
M. McNichols, P. O'brien (1997)
Self-selection and Analyst CoverageJournal of Accounting Research, 35
H. White (1980)
A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for HeteroskedasticityEconometrica, 48
(1995)
The New ‘Entanglement’ Theory: Securities Aanalysts are sued in Class Aaction Complaints,
Franklin Allen, Gerald Faulhaber (1989)
Signalling by underpricing in the IPO marketJournal of Financial Economics, 23
(1997)
Underwriting Relationships And Analysts
Brokerage analysts frequently comment on and sometimes recommend companies that their firms have recently taken public. We show that stocks that underwriter analysts recommend perform more poorly than “buy” recommendations by unaffiliated brokers prior to, at the time of, and subsequent to the recommendation date. We conclude that the recommendations by underwriter analysts show significant evidence of bias. We show also that the market does not recognize the full extent of this bias. The results suggest a potential conflict of interest inherent in the different functions that investment bankers perform.
The Review of Financial Studies – Oxford University Press
Published: Jul 2, 1999
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.