The impact of all-star analyst job changes on their coverage choices and investment banking deal flow☆
| Autor: | Ajay Patel, Ajay Khorana, P. Raghavendra Rau, Jonathan Clarke |
|---|---|
| Rok vydání: | 2007 |
| Předmět: |
Economics and Econometrics
ComputingMilieux_THECOMPUTINGPROFESSION Earnings business.industry Strategy and Management media_common.quotation_subject Equity (finance) Sample (statistics) Monetary economics Investment banking Accounting Debt Market share business Finance Stock (geology) media_common Reputation |
| Zdroj: | Journal of Financial Economics. 84:713-737 |
| ISSN: | 0304-405X |
| DOI: | 10.1016/j.jfineco.2005.12.010 |
| Popis: | Using a sample of all-star analysts who switch investment banks, we examine (1) whether analyst behavior is influenced by banking relationships and (2) whether analyst behavior affects investment banking deal flow. Although the stock coverage decision depends on the relationship with the client firms, we find no evidence that analysts change their optimism or recommendation levels when joining a new firm. Investment banking deal flow is related to analyst reputation only for equity transactions. For debt and M&A transactions, analyst reputation does not matter. There is no evidence that issuing optimistic earnings forecasts or recommendations affects investment banking deal flow. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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