| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4989 |
| DP4989 Commercial Television and Voter Information | |
| David Strömberg; Andrea Prat | |
| 发表日期 | 2005-04-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Because sell-side analysts are dependent on institutional investors for performance ratings and trading commissions, we argue that analysts are less likely to succumb to investment banking or brokerage pressure in stocks highly visible to institutional investors. Examining a comprehensive sample of analyst recommendations over the 1994-2000 period, we find that analysts? recommendations relative to consensus are positively associated with investment banking relationships and brokerage pressure, but negatively associated with the presence of institutional investor owners. The presence of institutional investors is also associated with more accurate earnings forecasts and more timely re-ratings following severe share price falls. |
| 主题 | Financial Economics |
| 关键词 | Analyst recommendations Analyst forecast accuracy Investment banking Conflicts of interest Institutional investors Banking relationships |
| URL | https://cepr.org/publications/dp4989 |
| 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/533887 |
| 推荐引用方式 GB/T 7714 | David Strömberg,Andrea Prat. DP4989 Commercial Television and Voter Information. 2005. |
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