This paper develops a new approach to distinguishing clustering in analyst forecasts due to the causal influence of one analyst's forecast on another from clustering due to a common response to correlated information. We apply this approach by studying how analysts who currently provide...

This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion. We find the probability of completion increases (decreases) with the favorability of acquirer (target) recommendations. Results from instrumental variables tests support...

We use events related to a proxy access rule passed by the SEC in 2010 (but never implemented) as natural experiments to study the valuation effects of exogenous changes in the degree of shareholder control. We find that increases (decreases) in perceived control have positive (negative)...