Who’s heard on the Street? Determinants and consequences of financial analyst coverage in the business press

Who’s heard on the Street? Determinants and consequences of financial analyst coverage in the... This study examines the determinants of financial analyst coverage in the business press and the effects of such coverage on analysts’ careers. Using a sample of business press articles that quote a financial analyst, we compare each cited analyst with the other analysts who were actively following the same firm and could have been cited by the reporter but were not. In general, we find that analysts quoted in the business press are more likely to possess characteristics that prior research has found to be positively associated with analyst quality and that higher quality analysts are allotted more space in the articles. However, we cannot rule out the possibility that at least some of our analyst quality measures capture the effects of familiarity. After controlling for analyst quality and article tone, we find that analysts with unfavorable stock recommendations are more likely to be cited than analysts with favorable recommendations. We provide evidence of significant career benefits for analysts who receive publicity in the business press, which suggests that the press is a source of valuable exposure for analysts. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Accounting Studies Springer Journals

Who’s heard on the Street? Determinants and consequences of financial analyst coverage in the business press

Loading next page...
 
/lp/springer_journal/who-s-heard-on-the-street-determinants-and-consequences-of-financial-hzHuTtkrgX
Publisher
Springer US
Copyright
Copyright © 2014 by Springer Science+Business Media New York
Subject
Economics / Management Science; Accounting/Auditing; Finance/Investment/Banking; Public Finance & Economics
ISSN
1380-6653
eISSN
1573-7136
D.O.I.
10.1007/s11142-014-9298-3
Publisher site
See Article on Publisher Site

References

  • All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors
    Barber, B; Odean, T
  • The financial reporting environment: Review of the recent literature
    Beyer, A; Cohen, D; Lys, T; Walther, B
  • Investor reaction to celebrity analysts: The case of earnings forecast revisions
    Bonner, S; Hugon, A; Walther, B
  • The role of the business press as an information intermediary
    Bushee, B; Core, J; Guay, W; Hamm, S
  • Stock price reaction to news and no-news: Drift and reversal after headlines
    Chan, W
  • Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?
    Clement, M
  • Financial analyst characteristics and herding behavior in forecasting
    Clement, M; Tse, S
  • Do initial public offering firms purchase analyst coverage with underpricing?
    Cliff, M; Denis, D
  • The power of the pen and executive compensation
    Core, J; Guay, W; Larcker, D
  • The corporate governance role of the media: Evidence from Russia
    Dyck, A; Volchkova, N; Zingales, L

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$49/month

Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$588

$360/year

billed annually
Start Free Trial

14-day Free Trial