Fang, Lily Hua (contributor); Yasuda, Ayako (contributor) - 2004
underwriting
business is strongest in top-tier investment banks (large underwriters) and in boom
underwriting periods, conflict …-end bonuses) for the underwriting business that they help to
generate. For various reasons (for instance to cultivate good … business is to bias upward the earnings forecasts, i.e., to exhibit over-
optimism for covered companies.
Therefore …