Using a sample of all-star analysts who switch investment banks between 1988 and 1999, we examine (1) whether analyst behavior is influenced by investment banking relationships and (2) whether analyst behavior affects investment banking deal flow (debt and equity underwriting and corporate...

We examine the dynamic forecasting behavior of security analysts in response to their prior performance relative to their peers. In a multi-period Bayesian learning model where an analyst and her employer (the investment bank or brokerage house) bargain over the surplus that she generates in...

This paper explores the opportunities for existing Indian IT clusters to upgrade and undertake financial research activities. Wholesale financial activity and the accompanying financial research in banks are still highly concentrated in Western financial centers. Increasing competition in the...

We investigate the relationship between core specialization, earnings forecast accuracy, and the employment prospects of international equity analysts over the period 1996-2002. We find that forecast accuracy is higher for stocks that are part of the core of an analyst's research portfolio....

We model the existence of an equilibrium in which analysts adopt a threshold reporting strategy to convey their forecasting ability. Under this strategy, an analyst issues a forecast only if the realized value of her private signal exceeds a threshold value. Higher-ability analysts choose higher...

This paper reports the results of an experiment that examines how analyst forecast accuracy (i.e., how close an analyst's forecast is to realized earnings) and forecast boldness (i.e. how far the analyst's forecast is from the consensus forecast) affect the analyst's perceived credibility and...

Recent efforts of regulators have helped neutralize analysts' conflict of interest. Analysts tended to make overly optimistic earnings forecasts prior to Regulation FD and the Global Analyst Research Settlement. Regulation FD made analysts less dependent on insider information and, thereby,...

We examine the participation of analysts from different buy-side institutions (hedge funds, mutual funds, and RIAs) in public earnings conference calls and the associated capital market implications. Using approximately 81,000 conference call transcripts for 3,300 companies from 2007 to 2016, we...

We propose an ex ante measure of analysts' production of private information (PPI) based on the correlations between analysts' forecast revisions and prior stock price changes. We validate this measure by examining whether analysts with lower correlations (higher PPI) provide more information...

We identify a specific organizational resource in brokerage houses—information sharing among analyst colleagues who cover economically related industries along a supply chain. We hypothesize that this resource constitutes a knowledge asset that benefits analyst research and allows analysts to...