| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28038 |
| 来源ID | Working Paper 28038 |
| Who Benefits from Analyst \u201cTop Picks\u201d? | |
| Justin Birru; Sinan Gokkaya; Xi Liu; René M. Stulz | |
| 发表日期 | 2020-11-02 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Following the Global Settlement, analysts extensively use a top pick designation to highlight their highest conviction best ideas. Such a designation enables analysts to provide greater granularity of information, but it can potentially be influenced by conflicts of interest. Examining a comprehensive sample of top picks, we find, even though top picks are more likely to be investment banking clients, they have greater investment value, attract greater media and investor attention, and lead to more trading than buy recommendations. Bad top picks are more likely to be influenced by strategic objectives and have adverse consequences for analysts. Institutions, but not retail investors, discern between good and bad top picks. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w28038 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585711 |
| 推荐引用方式 GB/T 7714 | Justin Birru,Sinan Gokkaya,Xi Liu,et al. Who Benefits from Analyst \u201cTop Picks\u201d?. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28038.pdf（670KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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