Between 2009 and 2013, Theflyonthewall.com (FLY) leaks 58% of recommendation revisions with a median delay of 27 minutes relative to the I/B/E/S announcement time. We show FLY improves price discovery, but leaked recommendations hamper the ability of brokers to offer price improvement on trades...

Consistent with the monitoring role of analysts, we find work-related injury rates are negatively related to higher levels of analyst coverage. This result is robust to approaches designed to mitigate endogeneity concerns and is stronger in industries where unions are less powerful, for firms...

We explore the central role that top venture capitalists play in the IPO underwriting market. We argue that underwriters curry favor with Top VCs, not necessarily issuing firms, because Top VCs have the ability to direct the most business in a repeated game sense to banks that treat them well....

We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with professional connections to coverage firms have more accurate earnings forecasts, and issue more informative buy and sell recommendations. These analysts are more...

We examine whether analysts' prior industry experience influences their ability to serve as effective external firm monitors. Our analyses of firms' financial disclosure quality, executive compensation and CEO turnover decisions portray a consistent picture that related pre-analyst industry...

Non-deal roadshows (NDRs) are private meetings between management and institutional investors, typically organized by analysts. We find that around NDRs, local institutional investors trade heavily and profitably, while retail trading is significantly less informative. Analysts who sponsor NDRs...

We introduce taxi ridership between the Federal Reserve Bank of New York and large financialinstitutions with major presences in New York City as a proxy for Fed activity. Amarket-timing strategy that buys the market portfolio (risk-free asset) when lagged Fed-bankridership is low (high) earns a...

This paper examines price reactions to analysts' recommendations issued in the opposite direction of recent stock price movements. We find that upgrade and downgrade contrarian recommendations induce larger market reactions than non-contrarian recommendations, consistent with the view that they...

This paper examines the impact of investment banker job changes on the Mamp;A and equity market shares of investment banks. Using a unique sample of job changes between 1998 and 2004, we find, on average, that the bank losing the banker experiences a negative and significant decrease in its...

We examine the impact of firm- and personal-level reputation on the incentives of analysts to curry favor with issuing firms. We find that unaffiliated non-star analysts from high reputation investment banks issue more strong-buy recommendations during high IPO underpricing periods than in low...