We provide the first study of underwriter-affiliated analysts' pre-IPO research coverage and its impact on stock prices. Using proprietary data on a sample of Chinese IPOs, we document that affiliated analysts make highly overoptimistic forecasts about IPO clients. Analyst hype inflates both the...

We study CEO compensation in the banking industry by considering banks' unique claim structure in the presence of two types of agency problems: the standard managerial agency problem and the risk-shifting problem between shareholders and debt holders. We empirically test two hypotheses derived...

We study how agglomeration forces influence the post-merger restructuring of the combined firm through the channel of the geographic overlap of acquirer and target establishments. We hypothesize and find that the geographic effect differs for horizontal and vertical mergers, and depends on the...

We examine the role of consultants in the private equity investment choices of institutional asset owners. Consultants differ significantly in size, specialization, and number of PE managers on their lists. Asset owners using the same search consultant make similar investments. Asset owners...