Initial Coin Offerings (ICOs) provide a clean opportunity and rich data to study the contribution of analysts to the … functioning of capital markets. The assessments of freelancing ICO analysts vary in quality and exhibit biases due to the … reciprocal interactions of analysts with ICO team members. Ratings predict ICO success, but imperfectly. Even favorably rated …

Analysts providing more accurate earnings forecasts also issue more profitable recommendations. We demonstrate how … investors can profit from this contemporaneous link by differentiating between able and lucky analysts. In line with previous … analysts working in a superior environment provide consistently profitable recommendations. The overall profitability of their …

recommendation profitability (Loh and Mian (2006)). Differentiating between 'able' and 'lucky' analysts we suggest an implementable … our 1994 - 2007 sample period. Rather than past track records analysts' characteristics indicate their ability to identify … indicates that the ability is real. Able analysts can distinguish between firms that will over- or underperform. …

This study examines whether European investment analysts prefer cash flow based valuation models over accrual based …

reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend … to fail when more ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a … literature on equity analysts and rating agencies. …

This paper empirically investigates the impact of both the first release of analysts' stock recommendations to a … of the price pressure and information hypotheses reveal that analysts' recommendations contain some new information …

. Prices move more, as hypothesized, in firms where tone surprise predicts more strongly. Experienced analysts respond … appropriately in revising their forecasts; inexperienced analysts overreact (underreact) to tone surprises in presentations (answers …

). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market conditional on positive … strong support for these arguments in a sample of 2,143 U.S. IPOs between 1981-2014. Hard to value firms conduct smaller IPOs …