Are there long-run implications of analyst coverage for IPOs?

被引：11

作者：

Bradley, Daniel ^{[1
]}

Chan, Konan ^{[2
,3
]}

Kim, Joonghyuk ^{[4
]}

Singh, Ajai ^{[5
]}

机构：

[1] Clemson Univ, Dept Finance, Clemson, SC 29634 USA

[2] Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China

[3] Natl Taiwan Univ, Taipei, Taiwan

[4] Korea Univ, Seoul 136701, South Korea

[5] Case Western Reserve Univ, Cleveland, OH 44106 USA

来源：

JOURNAL OF BANKING & FINANCE | 2008年 / 32卷 / 06期

关键词：

analysts' research coverage; initial public offers; long-run performance;

D O I：

10.1016/j.jbankfin.2007.09.021

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Analyst coverage has been cited increasingly as an important attribute in the selection of, an underwriter for a firm about to go public. However, it has also been alleged that affiliated analysts provide biased research. In this study, we examine these interrelated issues by examining the long-run performance of IPOs with coverage from their managing underwriters in a 1993-2003 sample. We find that (1) analysts' research coverage from their managing syndicate is not related to long-run performance; (2) long-run performance is not different for firms that receive all-star analyst coverage; and (3) investors are not systematically worse off for following lead underwriter recommendations. (C) 2007 Elsevier B.V. All rights reserved.

引用

页码：1120 / 1132

页数：13

共 35 条

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