We examine the extent to which security analysts are homogeneous in their effect on firm valuation as measured by Tobin's Q. Earlier research documents a significant and positive relation between analyst coverage and firm valuation. We identify three classes of equity analysts and examine their...

This paper studies the investment recommendations made by brokerage and non-brokerage firms in an effort to examine the differential agency costs across three unique recommendation production environments. Using the ACE database, recommendation production environments are categorized into...

This paper uses a nonlinear simultaneous equation methodology to examine how managerial ownership relates to risk taking, debt policy, and dividend policy. The results have implications for our understanding of agency costs. We find risk to be a significant and positive determinant of the level...

We examine the relation between risk and ownership structure among depository institutions. The empirical results provide evidence that the relation between ownership by managers and various measures of depository institution risk is negative and significant suggesting that as managerial...

Academic institutions are ranked on a global scale in terms of finance literature productivity. US institutions are dominant in academic publishing although European and Asian institutions have improved significantly in recent years. Additionally, we study the relationship between the quality of...