This paper argues that the organization of an internal capital market can influence an affiliated firm's dividend policy. The intuition is developed in a model in which business groups -- several independent firms owned and controlled by a family -- operate an internal capital market that uses...

We document widespread ex post changes to the historical contents of the I/B/E/S analyst stock recommendations database. Across a sequence of seven downloads of the entire I/B/E/S recommendations database, obtained between 2000 and 2007, we find that between 6,594 (1.6%) and 97,579 (21.7%) of...