메뉴 건너뛰기




Volumn 85, Issue 2, 2007, Pages 490-517

Comparing the stock recommendation performance of investment banks and independent research firms

Author keywords

Analyst; Global Research Analyst Settlement; Independent research; Investment bank; Recommendation

Indexed keywords


EID: 34247325134     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2005.09.004     Document Type: Article
Times cited : (198)

References (20)
  • 1
    • 34447634973 scopus 로고    scopus 로고
    • Agrawal, A., Chen, M., 2004. Analyst conflicts and research quality. Unpublished Working Paper, University of Alabama.
  • 2
    • 0040884261 scopus 로고    scopus 로고
    • Can investors profit from the prophets? Security analyst recommendations and stock returns
    • Barber B., Lehavy R., McNichols M., and Trueman B. Can investors profit from the prophets? Security analyst recommendations and stock returns. Journal of Finance 56 (2001) 531-563
    • (2001) Journal of Finance , vol.56 , pp. 531-563
    • Barber, B.1    Lehavy, R.2    McNichols, M.3    Trueman, B.4
  • 3
    • 34447645393 scopus 로고    scopus 로고
    • Barber, B., Lehavy, R., McNichols, M., Trueman, B., forthcoming. Buys, holds, and sells: the distribution of investment banks' stock ratings and the implications for the profitability of analysts' recommendations. Journal of Accounting and Economics.
  • 4
    • 34447633450 scopus 로고    scopus 로고
    • Bradshaw, M., Richardson, S., Sloan, R., 2003. Pump and dump: an empirical analysis of the relation between corporate financing activities and sell-side analyst research. Unpublished Working Paper, Harvard University.
  • 5
    • 0002624840 scopus 로고    scopus 로고
    • On persistence in mutual fund performance
    • Carhart M. On persistence in mutual fund performance. Journal of Finance 52 (1997) 57-82
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 6
    • 34447640804 scopus 로고    scopus 로고
    • Clarke, J., Khorana, A., Patel, A., Rau, P.R., 2004. Analyst behavior at independent research firms, brokerages, and investment banks: conflicts of interest or better information? Unpublished Working Paper, Purdue University.
  • 7
    • 34447646069 scopus 로고    scopus 로고
    • Cliff, M., 2004. Do independent analysts provide superior stock recommendations? Unpublished Working Paper, Virginia Tech.
  • 8
    • 34447641527 scopus 로고    scopus 로고
    • Cowen, A., Groysberg, B., Healy, P., 2003. What types of analyst firms make more optimistic forecasts? Unpublished Working Paper, Harvard University.
  • 9
    • 0003188650 scopus 로고    scopus 로고
    • The relation between analysts' forecasts of long-term earnings growth and stock performance following equity offerings
    • Dechow P., Hutton A., and Sloan R. The relation between analysts' forecasts of long-term earnings growth and stock performance following equity offerings. Contemporary Accounting Research 17 (2000) 1-32
    • (2000) Contemporary Accounting Research , vol.17 , pp. 1-32
    • Dechow, P.1    Hutton, A.2    Sloan, R.3
  • 10
    • 38549147867 scopus 로고
    • Common risk factors in the return on bonds and stocks
    • Fama E., and French K. Common risk factors in the return on bonds and stocks. Journal of Financial Economics 33 (1993) 3-53
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-53
    • Fama, E.1    French, K.2
  • 11
    • 34447647946 scopus 로고    scopus 로고
    • Green, T.C., 2003. The value of client access to analyst recommendations. Unpublished Working Paper, Emory University.
  • 12
    • 34447634381 scopus 로고    scopus 로고
    • Iskoz, S., 2003. Bias in analyst underwriter recommendations: does it matter? Unpublished Working Paper, MIT.
  • 13
    • 2942703989 scopus 로고    scopus 로고
    • Analyzing the analysts: when do recommendations add value?
    • Jegadeesh N., Kim J., Krische S., and Lee C. Analyzing the analysts: when do recommendations add value?. Journal of Finance 59 (2004) 1083-1124
    • (2004) Journal of Finance , vol.59 , pp. 1083-1124
    • Jegadeesh, N.1    Kim, J.2    Krische, S.3    Lee, C.4
  • 14
    • 34447645027 scopus 로고    scopus 로고
    • Kolasinki, A., Kothari, S.P., 2004. Investment banking and analyst objectivity: evidence from forecasts and recommendations of analysts affiliated with M&A advisors. Unpublished Working Paper, MIT.
  • 15
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting relationships, analysts' earnings forecasts and investment recommendations
    • Lin H.-w., and McNichols M. Underwriting relationships, analysts' earnings forecasts and investment recommendations. Journal of Accounting and Economics 25 (1998) 101-127
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.-w.1    McNichols, M.2
  • 18
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of interest and the credibility of underwriter analyst recommendations
    • Michaely R., and Womack K. Conflict of interest and the credibility of underwriter analyst recommendations. Review of Financial Studies 12 (1999) 653-686
    • (1999) Review of Financial Studies , vol.12 , pp. 653-686
    • Michaely, R.1    Womack, K.2
  • 19
    • 0002028716 scopus 로고
    • The anatomy of the performance of buy and sell recommendations
    • Stickel S. The anatomy of the performance of buy and sell recommendations. Financial Analysts Journal 51 (1995) 25-39
    • (1995) Financial Analysts Journal , vol.51 , pp. 25-39
    • Stickel, S.1
  • 20
    • 0011183261 scopus 로고    scopus 로고
    • Do brokerage analysts' recommendations have investment value?
    • Womack K. Do brokerage analysts' recommendations have investment value?. Journal of Finance 51 (1996) 137-167
    • (1996) Journal of Finance , vol.51 , pp. 137-167
    • Womack, K.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.