Underwriting relationships, analysts' earnings forecasts and investment recommendations

被引：572

作者：

Lin, HW

McNichols, MF ^{[1
]}

机构：

[1] Stanford Univ, Grad Sch Business, Stanford, CA 94305 USA

[2] Natl Taiwan Univ, Dept Int Business, Taipei 10764, Taiwan

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1998年 / 25卷 / 01期

关键词：

capital markets; analyst forecasts; incentives; information; market efficiency;

D O I：

10.1016/S0165-4101(98)00016-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effect of underwriting relationships on analysts' earnings forecasts and recommendations. Lead and co-underwriter analysts' growth forecasts and recommendations are significantly more favorable than those made by unaffiliated analysts, although their earnings forecasts are not generally greater. Investors respond similarly to lead underwriter and unaffiliated 'Strong buy' and 'Buy' recommendations, but three-day returns to lead underwriter 'Hold' recommendations are significantly more negative than those to unaffiliated 'Hold' recommendations. The findings suggest investors expect lead analysts are mon likely to recommend 'Hold' when 'Sell' is warranted. The post-announcement returns following affiliated and unaffiliated analysts' recommendations are not significantly different. (C) 1998 Elsevier Science B.V. All rights reserved. JEL classification: M3; G14; G24.

引用

页码：101 / 127

页数：27