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Does competition induce analyst effort? : evidence from a natural experiment of broker mergers

Wang, Zhen; Sun, Lei; Wei, K. C. John - In: Journal of banking & finance 119 (2020), pp. 1-13

Persistent link: https://www.econbiz.de/10012521274

Does Competition Induce Analyst Effort? Evidence from a Natural Experiment of Broker Mergers

Wang, Zhen - 2020

Hong and Kacperczyk (2010) document that decreases in analyst competition due to broker mergers encourage analysts to please managers, leading to greater consensus optimism bias. We propose three additional effects of analyst competition. The analyst effort hypothesis suggests that weaker...

Persistent link: https://www.econbiz.de/10012826681

Welfare effects of payment truncation in piece rate tournaments

Wang, Zhen; Vukina, Tomislav - In: Journal of economics 120 (2017) 3, pp. 219-249

Persistent link: https://www.econbiz.de/10011697115

Sorting into contests : evidence from production contracts

Wang, Zhen; Vukina, Tomislav - In: The B.E. journal of economic analysis & policy 19 (2019) 1, pp. 1-15

Persistent link: https://www.econbiz.de/10011978008

Does Competition Induce Hardworking or Herding? Evidence from a Natural Experiment of Broker Mergers

Sun, Lei - 2017

Hong and Kacperczyk (2010) document that decreases in analyst competition due to broker mergers encourage analysts to please managers, leading to greater consensus optimism bias. We propose two addition effects of analyst competition. The hardworking hypothesis suggests that lower competition...

Persistent link: https://www.econbiz.de/10012950336