메뉴 건너뛰기




Volumn 100, Issue 1, 2011, Pages 182-200

Research for sale: Determinants and consequences of paid-for analyst research

Author keywords

Analyst coverage; Capital markets; Voluntary disclosure

Indexed keywords


EID: 79751531302     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2010.11.002     Document Type: Article
Times cited : (57)

References (71)
  • 1
    • 85005305538 scopus 로고
    • The market for lemons: quality uncertainty and the market mechanism
    • Akerlof G. The market for lemons: quality uncertainty and the market mechanism. Quarterly Journal of Economics 1970, 84:488-500.
    • (1970) Quarterly Journal of Economics , vol.84 , pp. 488-500
    • Akerlof, G.1
  • 2
    • 77951947368 scopus 로고    scopus 로고
    • Chief executive officer equity incentives and accounting irregularities
    • Armstrong, C., Jagolinzer, A., Larcker, D., 2010. Chief executive officer equity incentives and accounting irregularities. Journal of Accounting Research 48, 225-271.
    • (2010) Journal of Accounting Research. , vol.48 , pp. 225-271
    • Armstrong, C.1    Jagolinzer, A.2    Larcker, D.3
  • 3
    • 0002286246 scopus 로고
    • Predisclosure information, firm capitalization, and security price behavior around earnings announcements
    • Atiase R. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 1985, 23:21-36.
    • (1985) Journal of Accounting Research , vol.23 , pp. 21-36
    • Atiase, R.1
  • 5
    • 34247325134 scopus 로고    scopus 로고
    • Comparing the stock recommendation performance of investment banks and independent research firms
    • Barber B., Lehavy R., Trueman B. Comparing the stock recommendation performance of investment banks and independent research firms. Journal of Financial Economics 2007, 85:490-517.
    • (2007) Journal of Financial Economics , vol.85 , pp. 490-517
    • Barber, B.1    Lehavy, R.2    Trueman, B.3
  • 6
    • 3843069872 scopus 로고    scopus 로고
    • Analyst earnings forecast revisions and the pricing of accruals
    • Barth M., Hutton A. Analyst earnings forecast revisions and the pricing of accruals. Review of Accounting Studies 2004, 9:56-96.
    • (2004) Review of Accounting Studies , vol.9 , pp. 56-96
    • Barth, M.1    Hutton, A.2
  • 8
    • 0000772699 scopus 로고
    • Auditor reputation and the pricing of initial public offerings
    • Beatty R. Auditor reputation and the pricing of initial public offerings. Accounting Review 1989, 64:693-709.
    • (1989) Accounting Review , vol.64 , pp. 693-709
    • Beatty, R.1
  • 9
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the underpricing of initial public offerings
    • Beatty R., Ritter J. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics 1986, 15:213-232.
    • (1986) Journal of Financial Economics , vol.15 , pp. 213-232
    • Beatty, R.1    Ritter, J.2
  • 11
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan C. Disclosure level and the cost of equity capital. Accounting Review 1997, 72:323-350.
    • (1997) Accounting Review , vol.72 , pp. 323-350
    • Botosan, C.1
  • 12
    • 0010659335 scopus 로고
    • Investment analysis and price formation in securities markets
    • Brennan M., Subrahmanyam A. Investment analysis and price formation in securities markets. Journal of Financial Economics 1995, 38:361-381.
    • (1995) Journal of Financial Economics , vol.38 , pp. 361-381
    • Brennan, M.1    Subrahmanyam, A.2
  • 16
    • 0034562599 scopus 로고    scopus 로고
    • Corporate disclosure practices, institutional investors, and stock return volatility
    • Bushee B., Noe C. Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research 2000, 38:171-202.
    • (2000) Journal of Accounting Research , vol.38 , pp. 171-202
    • Bushee, B.1    Noe, C.2
  • 19
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • Carter R., Manaster S. Initial public offerings and underwriter reputation. Journal of Finance 1990, 65:1045-1067.
    • (1990) Journal of Finance , vol.65 , pp. 1045-1067
    • Carter, R.1    Manaster, S.2
  • 21
    • 0036272219 scopus 로고    scopus 로고
    • Voluntary disclosure of balance sheet information in quarterly earnings announcements
    • Chen S., DeFond M., Park C. Voluntary disclosure of balance sheet information in quarterly earnings announcements. Journal of Accounting and Economics 2002, 33:229-251.
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 229-251
    • Chen, S.1    DeFond, M.2    Park, C.3
  • 22
    • 0030362919 scopus 로고    scopus 로고
    • The impact of security analysts' monitoring and marketing functions on the market value of firms
    • Chung K., Jo H. The impact of security analysts' monitoring and marketing functions on the market value of firms. Journal of Financial and Quantitative Analysis 1996, 31:493-512.
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , pp. 493-512
    • Chung, K.1    Jo, H.2
  • 23
    • 10944234993 scopus 로고    scopus 로고
    • Do initial public offering firms purchase analyst coverage with underpricing?
    • Cliff M., Dennis D. Do initial public offering firms purchase analyst coverage with underpricing?. Journal of Finance 2004, 59:2871-2901.
    • (2004) Journal of Finance , vol.59 , pp. 2871-2901
    • Cliff, M.1    Dennis, D.2
  • 24
    • 28244480422 scopus 로고    scopus 로고
    • Changing names with style: mutual fund name changes and their effects on fund flows
    • Cooper M., Gulen H., Rau P. Changing names with style: mutual fund name changes and their effects on fund flows. Journal of Finance 2005, 60:2825-2858.
    • (2005) Journal of Finance , vol.60 , pp. 2825-2858
    • Cooper, M.1    Gulen, H.2    Rau, P.3
  • 25
    • 0041871283 scopus 로고    scopus 로고
    • A review of the empirical disclosure literature: discussion
    • Core J. A review of the empirical disclosure literature: discussion. Journal of Accounting and Economic 2001, 31:441-456.
    • (2001) Journal of Accounting and Economic , vol.31 , pp. 441-456
    • Core, J.1
  • 28
    • 0036102924 scopus 로고    scopus 로고
    • Propensity score-matching methods for nonexperimental causal studies
    • Dehejia R., Wahba S. Propensity score-matching methods for nonexperimental causal studies. Review of Economics and Statistics 2002, 84:151-161.
    • (2002) Review of Economics and Statistics , vol.84 , pp. 151-161
    • Dehejia, R.1    Wahba, S.2
  • 29
    • 84942585214 scopus 로고
    • Disclosure, liquidity, and the cost of capital
    • Diamond D., Verrecchia R. Disclosure, liquidity, and the cost of capital. Journal of Finance 1991, 66:1325-1355.
    • (1991) Journal of Finance , vol.66 , pp. 1325-1355
    • Diamond, D.1    Verrecchia, R.2
  • 30
    • 79751528092 scopus 로고    scopus 로고
    • Dutton,. Research note on Greka Energy. L. Childress, June 6.
    • Dutton, 2003. Research note on Greka Energy. L. Childress, June 6.
  • 31
    • 79751533900 scopus 로고    scopus 로고
    • Dutton,. About Dutton Associates.
    • Dutton, 2006. About Dutton Associates. http://www.jmdutton.com.
  • 32
    • 0000272926 scopus 로고
    • Disclosure of nonproprietary information
    • Dye R. Disclosure of nonproprietary information. Journal of Accounting Research 1985, 23:123-145.
    • (1985) Journal of Accounting Research , vol.23 , pp. 123-145
    • Dye, R.1
  • 33
    • 79751537167 scopus 로고    scopus 로고
    • Financial News,. Independent research seeks to expand coverage. S. Basar, January 15.
    • Financial News, 2006. Independent research seeks to expand coverage. S. Basar, January 15.
    • (2006)
  • 34
    • 79751525425 scopus 로고    scopus 로고
    • First Research Consortium
    • Standards of practice for research providers. Third Promulgation, May 18, National Investment Banking Association Quarterly Meeting, Denver, CO.
    • First Research Consortium, 2006. Standards of practice for research providers. Third Promulgation, May 18, National Investment Banking Association Quarterly Meeting, Denver, CO.
    • (2006)
  • 36
    • 0000663244 scopus 로고
    • Discretionary disclosure and external financing
    • Frankel R., McNichols M., Wilson P. Discretionary disclosure and external financing. Accounting Review 1995, 70:135-150.
    • (1995) Accounting Review , vol.70 , pp. 135-150
    • Frankel, R.1    McNichols, M.2    Wilson, P.3
  • 37
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: the role of institutional investors
    • Gillan S., Starks L. Corporate governance proposals and shareholder activism: the role of institutional investors. Journal of Financial Economics 2000, 57:275-305.
    • (2000) Journal of Financial Economics , vol.57 , pp. 275-305
    • Gillan, S.1    Starks, L.2
  • 38
    • 0001048384 scopus 로고
    • The information content of financial analysts forecasts of earnings: some evidence on semi-strong efficiency
    • Givoly D., Lakonishok J. The information content of financial analysts forecasts of earnings: some evidence on semi-strong efficiency. Journal of Accounting and Economics 1979, 2:165-186.
    • (1979) Journal of Accounting and Economics , vol.2 , pp. 165-186
    • Givoly, D.1    Lakonishok, J.2
  • 39
    • 0344153909 scopus 로고    scopus 로고
    • Institutional investors and executive compensation
    • Hartzell J., Starks L. Institutional investors and executive compensation. Journal of Finance 2003, 58:2351-2374.
    • (2003) Journal of Finance , vol.58 , pp. 2351-2374
    • Hartzell, J.1    Starks, L.2
  • 41
    • 0012319054 scopus 로고    scopus 로고
    • Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature
    • Healy P., Palepu K. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics 2001, 31:405-440.
    • (2001) Journal of Accounting and Economics , vol.31 , pp. 405-440
    • Healy, P.1    Palepu, K.2
  • 43
    • 79751536440 scopus 로고
    • The effect of bond rating changes on common stock prices
    • Holthausen R., Leftwich R. The effect of bond rating changes on common stock prices. Journal of Financial Economics 1986, 47:733-752.
    • (1986) Journal of Financial Economics , vol.47 , pp. 733-752
    • Holthausen, R.1    Leftwich, R.2
  • 44
    • 0037412140 scopus 로고    scopus 로고
    • The incremental impact of analyst initiation of coverage
    • Irvine P. The incremental impact of analyst initiation of coverage. Journal of Corporate Finance 2003, 9:431-451.
    • (2003) Journal of Corporate Finance , vol.9 , pp. 431-451
    • Irvine, P.1
  • 45
    • 84993901781 scopus 로고
    • The effect of market segmentation and illiquidity on asset prices: evidence from exchange listings
    • Kadlec G., McConnell J. The effect of market segmentation and illiquidity on asset prices: evidence from exchange listings. Journal of Finance 1994, 49:611-636.
    • (1994) Journal of Finance , vol.49 , pp. 611-636
    • Kadlec, G.1    McConnell, J.2
  • 46
    • 0039012081 scopus 로고    scopus 로고
    • The information value of bond ratings
    • Kliger D., Sarig O. The information value of bond ratings. Journal of Finance 2000, 55:2879-2902.
    • (2000) Journal of Finance , vol.55 , pp. 2879-2902
    • Kliger, D.1    Sarig, O.2
  • 47
    • 0001372119 scopus 로고
    • Time-varying stock price response to earnings induced by uncertainty about the time series process of earnings
    • Lang M. Time-varying stock price response to earnings induced by uncertainty about the time series process of earnings. Journal of Accounting Research 1991, 29:229-257.
    • (1991) Journal of Accounting Research , vol.29 , pp. 229-257
    • Lang, M.1
  • 48
    • 2642546687 scopus 로고    scopus 로고
    • Concentrated control, analyst following, and valuation: do analysts matter most when investors are protected least?
    • Lang M., Lins K., Miller P. Concentrated control, analyst following, and valuation: do analysts matter most when investors are protected least?. Journal of Accounting Research 2004, 42:589-623.
    • (2004) Journal of Accounting Research , vol.42 , pp. 589-623
    • Lang, M.1    Lins, K.2    Miller, P.3
  • 49
    • 0001464179 scopus 로고    scopus 로고
    • Voluntary disclosure and equity offerings: reducing information asymmetry or hyping the stock?
    • Lang M., Lundholm R. Voluntary disclosure and equity offerings: reducing information asymmetry or hyping the stock?. Contemporary Accounting Research 2000, 17:623-662.
    • (2000) Contemporary Accounting Research , vol.17 , pp. 623-662
    • Lang, M.1    Lundholm, R.2
  • 50
    • 3242758176 scopus 로고    scopus 로고
    • Grandstanding, certification and the underpricing of venture capital-backed IPOs
    • Lee P., Wahal S. Grandstanding, certification and the underpricing of venture capital-backed IPOs. Journal of Financial Economics 2004, 73:375-407.
    • (2004) Journal of Financial Economics , vol.73 , pp. 375-407
    • Lee, P.1    Wahal, S.2
  • 51
    • 79751538353 scopus 로고    scopus 로고
    • Sell-side analysts dropping small caps
    • CFO.com, April 28, 1.
    • Leone, M., 2004. Sell-side analysts dropping small caps. CFO.com, April 28, 1.
    • (2004)
    • Leone, M.1
  • 52
    • 0242534354 scopus 로고    scopus 로고
    • The economic consequences of increased disclosure
    • Leuz C., Verrecchia R. The economic consequences of increased disclosure. Journal of Accounting Research 2000, 38:93-124.
    • (2000) Journal of Accounting Research , vol.38 , pp. 93-124
    • Leuz, C.1    Verrecchia, R.2
  • 53
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting relationships, analysts' earnings forecasts, and investment recommendations
    • Lin H., McNichols M. Underwriting relationships, analysts' earnings forecasts, and investment recommendations. Journal of Accounting and Economics 1998, 25:101-127.
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.1    McNichols, M.2
  • 54
    • 6344270172 scopus 로고    scopus 로고
    • Why has IPO underpricing changed over time?
    • Loughran T., Ritter J. Why has IPO underpricing changed over time?. Financial Management 2004, 33:5-37.
    • (2004) Financial Management , vol.33 , pp. 5-37
    • Loughran, T.1    Ritter, J.2
  • 55
    • 0036651167 scopus 로고    scopus 로고
    • The economics of stock exchange listing fees and listing requirements
    • Macey J., O'Hara M. The economics of stock exchange listing fees and listing requirements. Journal of Financial Intermediation 2002, 11:297-319.
    • (2002) Journal of Financial Intermediation , vol.11 , pp. 297-319
    • Macey, J.1    O'Hara, M.2
  • 57
    • 84977707554 scopus 로고
    • A simple model of capital markets equilibrium with incomplete information
    • Merton R. A simple model of capital markets equilibrium with incomplete information. Journal of Finance 1987, 42:483-510.
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.1
  • 59
  • 60
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of interest and the credibility of underwriter analyst recommendations
    • Michaely R., Womack K. Conflict of interest and the credibility of underwriter analyst recommendations. Review of Financial Studies 1999, 12:653-686.
    • (1999) Review of Financial Studies , vol.12 , pp. 653-686
    • Michaely, R.1    Womack, K.2
  • 61
    • 0036004080 scopus 로고    scopus 로고
    • Earnings performance and discretionary disclosure
    • Miller G. Earnings performance and discretionary disclosure. Journal of Accounting Research 2002, 40:173-204.
    • (2002) Journal of Accounting Research , vol.40 , pp. 173-204
    • Miller, G.1
  • 63
    • 4644300605 scopus 로고    scopus 로고
    • Informational efficiency of credit default swap and stock markets: the impact of credit rating announcements
    • Norden L., Weber M. Informational efficiency of credit default swap and stock markets: the impact of credit rating announcements. Journal of Banking and Finance 2004, 28:2813-2843.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 2813-2843
    • Norden, L.1    Weber, M.2
  • 65
    • 77951622706 scopus 로고
    • The central role of the propensity score in observational studies for causal effects
    • Rosenbaum P., Rubin D. The central role of the propensity score in observational studies for causal effects. Biometrika 1983, 70:41-55.
    • (1983) Biometrika , vol.70 , pp. 41-55
    • Rosenbaum, P.1    Rubin, D.2
  • 66
    • 58149417330 scopus 로고
    • Estimating causal effects of treatments in randomized and nonrandomized studies
    • Rubin D. Estimating causal effects of treatments in randomized and nonrandomized studies. Journal of Educational Psychology 1974, 66:688-701.
    • (1974) Journal of Educational Psychology , vol.66 , pp. 688-701
    • Rubin, D.1
  • 67
    • 79751526038 scopus 로고    scopus 로고
    • Report on the role and function of credit rating agencies in the operations of the securities markets. January.
    • SEC, 2003. Report on the role and function of credit rating agencies in the operations of the securities markets. January.
    • (2003) SEC.
  • 68
    • 79751532967 scopus 로고    scopus 로고
    • Final report of the advisory committee on smaller public companies to the US securities and exchange commission, April 23.
    • SEC, 2006. Final report of the advisory committee on smaller public companies to the US securities and exchange commission, April 23.
    • (2006) SEC.
  • 69
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith C., Watts R. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 1992, 32:763-792.
    • (1992) Journal of Financial Economics , vol.32 , pp. 763-792
    • Smith, C.1    Watts, R.2
  • 70
    • 0000807820 scopus 로고    scopus 로고
    • Reconciling conflicting evidence on the performance of propensity score matching methods
    • Smith J., Todd P. Reconciling conflicting evidence on the performance of propensity score matching methods. American Economic Review 2001, 91:112-118.
    • (2001) American Economic Review , vol.91 , pp. 112-118
    • Smith, J.1    Todd, P.2
  • 71
    • 79751535072 scopus 로고    scopus 로고
    • Taglich, 2006. Disclaimers.
    • Taglich, 2006. Disclaimers. http://www.taglichbrothers.com.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.