This paper investigates the factors that affect the likelihood of maintaining a stable relationship between a brokerage firm and its client funds and the effect of such a stable business relationship on analyst recommendations. We find that young funds, particularly those in small fund families,...

This paper investigates the effect of stable business relationships between brokerage firms and mutual funds on analyst recommendations. Although the amount of commission fees a brokerage firm receives is the primary factor affecting recommendation aggressiveness of the brokerage firm's...

This paper investigates the effect of stable business relationships between brokerage firms and mutual funds on analyst recommendations. Although the amount of commission fees a brokerage firm receives is the primary factor affecting recommendation aggressiveness of the brokerage firm's...

This paper investigates the factors that affect the likelihood of maintaining a stable relationship between a brokerage firm and its client funds and the effect of such a stable business relationship on analyst recommendations. We find that young funds, particularly those in small fund families,...

We investigate how a broker firm’s initial public offering (IPO) affects its analysts’ fiduciary duty of providing independent and objective recommendations. We find that the analysts of newly listed broker firms issue more positively biased recommendations in the first 2 to 3 years after...