Jordan, Bradford D.; Liu, Mark H.; Wu, Qun - In: Journal of Banking & Finance 36 (2012) 5, pp. 1452-1463
To what extent conflicts of interest affect the investment value of sell-side analyst research is an ongoing debate. We … approach this issue from a new direction by investigating how asset-management divisions of investment banks use stock …, especially for recommendations on small and low-analyst-coverage firms. Thus, we find that investment banks “eat their own …