Newly public companies are subject to a quot;quiet periodquot; restricting insiders and affiliated underwriters from issuing earnings forecasts and research reports regarding the firm for a specified period following the initial public offering (IPO). As soon as this quiet period ends, the...

We examine the expiration of the IPO quiet period, which occurs after the 25th calendar day following the offering. For IPOs during 1996 to 2000, we find that analyst coverage is initiated immediately for 76 percent of these firms, almost always with a favorable rating. Initiated firms...

We examine how local product market shocks impact individual investors' willingness to own and trade the underlying stock. Using the US airlines industry as our test market, we exploit plausibly exogenous variation generated when airlines supply flights to new markets. We find that active...

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...