| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4150 |
| DP4150 Why the Apple Doesn't Fall: Understanding Intergenerational Transmission of Human Capital | |
| Kjell G Salvanes; Sandra Black; Paul J. Devereux | |
| 发表日期 | 2003-12-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We investigate directly whether analyst behaviour influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 US debt and equity offerings sold between December 1993 and June 2002. We control for the strength of the issuer?s investment-banking relationships with potential competitors for the mandate, prior lending relationships, and the endogeneity of analyst behaviour and the bank?s decision to provide analyst coverage. Contrary to recent allegations, we find no evidence that aggressive analyst recommendations or recommendation upgrades increased a bank?s probability of winning an underwriting mandate once we control for analysts? career concerns. In fact, the opposite appears to be the case. We interpret this finding as evidence that credibility is central to resolving information frictions associated with securities offerings. Overly aggressive analyst behaviour undermines credibility. |
| 主题 | Financial Economics |
| 关键词 | Analyst behaviour Underwriting Commercial banks Glass-steagall act |
| URL | https://cepr.org/publications/dp4150 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533121 |
| 推荐引用方式 GB/T 7714 | Kjell G Salvanes,Sandra Black,Paul J. Devereux. DP4150 Why the Apple Doesn't Fall: Understanding Intergenerational Transmission of Human Capital. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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