Chan, Louis K. C.; Karceski, Jason; Lakonishok, Josef - In: Journal of Financial and Quantitative Analysis 42 (2007) 04, pp. 893-913
Analysts' earnings forecasts are influenced by their desire to win investment banking clients. We hypothesize that the equity bull market of the 1990s, along with the boom in investment banking business, exacerbated analysts' conflicts of interest and their incentives to strategically adjust...