scholarly journals Analyst Impartiality and Investment Banking Relationships

2005 ◽  
Author(s):  
Patricia C. O'Brien ◽  
Maureen F. McNichols ◽  
Hsiou-wei Lin
Keyword(s):  
Investment Banking ◽  
Banking Relationships

scholarly journals How Do Analyst Recommendations Respond to Major News?

2006 ◽  
Vol 41 (1) ◽  
pp. 25-49 ◽  
Author(s):  
Jennifer Conrad ◽  
Bradford Cornell ◽  
Wayne R. Landsman ◽  
Brian R. Rountree
Keyword(s):  
Stock Price ◽  
Public Information ◽  
Investment Banking ◽  
Optimistic Bias ◽  
Analyst Recommendations ◽  
Herding Behavior ◽  
Stock Recommendations ◽  
Price Increases ◽  
Banking Relationships ◽  
Stock Price Movements

AbstractWe examine how analysts respond to public information when setting stock recommendations. We model the determinants of analysts' recommendation changes following large stock price movements. We find evidence of an asymmetry following large positive and negative returns. Following large stock price increases, analysts are equally likely to upgrade or downgrade. Following large stock price declines, analysts are more likely to downgrade. This asymmetry exists after accounting for investment banking relationships and herding behavior. This result suggests recommendation changes are “sticky” in one direction, with analysts reluctant to downgrade. Moreover, this result implies that analysts' optimistic bias may vary through time.

scholarly journals The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers

2012 ◽  
Vol 67 (1) ◽  
pp. 235-270 ◽  
Author(s):  
CHITRU S. FERNANDO ◽  
ANTHONY D. MAY ◽  
WILLIAM L. MEGGINSON
Keyword(s):  
Investment Banking ◽  
Lehman Brothers ◽  
Banking Relationships

scholarly journals Analyst Impartiality and Investment Banking Relationships

2005 ◽  
Vol 43 (4) ◽  
pp. 623-650 ◽  
Author(s):  
PATRICIA C. O'BRIEN ◽  
MAUREEN F. MCNICHOLS ◽  
LIN HSIOU-WEI
Keyword(s):  
Investment Banking ◽  
Banking Relationships
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