Sell-side analysts employ different benchmarks when defining their recommendations. A buy for some brokers means the stock is expected to outperform its industry, while for other brokers it means the stock is expected to outperform the market, or some return threshold. We show that these stated...

This paper studies the effect of regulations on sell-side analysts' research. These regulations - NASD Rule 2711, NYSE Rule 472, and the Global Analyst Research Settlement - attempted to mitigate the interdependence between research and investment bank departments of U.S. brokerage houses. We...

We offer a parsimonious index at the individual analyst level to measure the extent to which an analyst relies on earnings and long-term growth forecasts in her advice. Using this index, we evaluate the contribution of earnings and growth forecasts to the investment value of analysts’ stock...

We study the effect of the Global Analyst Research Settlement and related regulations on sell-side research. These regulations attempted to mitigate the interdependence between research and investment banking. We document that following the regulations many brokerage houses have migrated from...

We prove the existence of an increasing equilibrium, and study the comparative statics of correlation in the k-double auction with affiliated private values. This is supposedly the simplest bilateral trading mechanism that allows for dependence in valuations between buyers and sellers. In the...

This paper examines disclosures by sell-side analysts when their institution has a lending relationship with the firms being covered. Lending-affiliated analysts' earnings forecasts are found to be more accurate relative to forecasts by other analysts but this differential accuracy manifests...