| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w10665
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| 来源ID | Working Paper 10665
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| An Empirical Model of Stock Analysts' Recommendations: Market Fundamentals, Conflicts of Interest, and Peer Effects |
| Patrick Bajari; John Krainer
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| 发表日期 | 2004-08-23
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| 出版年 | 2004
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| 语种 | 英语
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| 摘要 | In this paper we develop an empirical model of equity analyst recommendations for firms in the NASDAQ 100 during 1998-2003. In the model we allow recommendations to depend on publicly observed information, measures of an analyst's beliefs about a stock's future earnings, investment banking activity, and peer group effects which determine industry norms. To address the reflection problem, we propose a new approach to identification and estimation of models with peer effects suggested by recent work on estimating games. Our empirical results suggest that recommendations depend most heavily on publicly observable information about the stocks and on industry norms. In most of our specifications, the existence of an investment banking deal does not have a statistically significant relationship with analysts' stock recommendations. |
| 主题 | Financial Economics
; Corporate Finance
; Industrial Organization
; Market Structure and Firm Performance
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| URL | https://www.nber.org/papers/w10665
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568297
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推荐引用方式
GB/T 7714 |
Patrick Bajari,John Krainer. An Empirical Model of Stock Analysts' Recommendations: Market Fundamentals, Conflicts of Interest, and Peer Effects. 2004.
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文件名：
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w10665.pdf
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格式：
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Adobe PDF
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