Mola, Simona; Guidolin, Massimo - Federal Reserve Bank of St. Louis - 2006
their underwriting business. Initial recommendations of up to “strong buy” on
an underwriter’s stock-clients turn out to …-Westberg (2005) show, in fact, that IPO
underwriters use their institutional funds to help earn more underwriting business.
6 …, Patel, and Rau (2005) document that business relationships at the brokerage firm level
affect the analyst’s decision to …