Using 1994-2009 data, we examine the relation between analysts' star status and their recommendation values. For investors with private, advance access to analyst recommendations (e.g., institutions), trading on All-American (AA) analysts' buy and sell recommendations yields significantly better...

The relationship between investment bank reputation and the price and quality of bond underwriting services is studied. After controlling for the endogeneity in issuer-underwriter matching, I find that reputable banks obtain lower yields, charge higher fees, while leaving issuers' net proceeds...

By reaching a broad population of investors, mass media can alleviate informational frictions and affect security pricing even if it does not supply genuine news. We investigate this hypothesis by studying the cross-sectional relation between media coverage and expected stock returns. We find...

Using 1983-2002 U.S. data, we examine whether the quality differentials in earnings forecasts between reputable and non-reputable analysts vary as the severity of conflicts of interest varies. We measure personal reputation using the Institutional Investor All-American (AA) awards, and bank...

This dissertation consists of two empirical essays on financial intermediation. In the first chapter, I study the relationship between investment banks' reputation and the price and quality of their underwriting services in the corporate bond market. In the existing literature, a key econometric...

The relation between investment bank reputation and the price and quality of bond underwriting services is studied here. After controlling for endogeneity in issuer-underwriter matching, I find that reputable banks obtain lower yields and charge higher fees, but issuers' net proceeds are higher....

We examine 20 years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however, relative to the corresponding...

One of the important issues in corporate finance is the rationale for and role of financial intermediaries. In the private equity setting, institutional investors are increasingly eschewing intermediaries in favor of direct investments. To understand the trade-offs in this setting, we compile a...

Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing...