Ergungor, Ozgur E.; Madureira, Leonardo; Nayar, Nandkumar; … - In: Journal of Financial Intermediation 24 (2015) 1, pp. 71-88
We examine earnings forecasts by sell-side analysts employed by a bank with a lending relationship with the covered firms. We find that lender-affiliated analysts’ forecasts are more accurate than forecasts by their unaffiliated peers after establishment of the lending relationship. Evidence...