The DOI matches its Crossref record; 34 of the 34 references it cites were found in a registry or an index.
Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations
Abstract
We study the effect of the Global Analyst Research Settlement and related regulations on sell-side research. These regulations attempted to mitigate the interdependence between research and investment banking. We document that following the regulations many brokerage houses have migrated from the traditional five-tier rating system to a three-tier system. Optimistic recommendations have become less frequent and more informative, whereas neutral and pessimistic recommendations have become more frequent and less informative. Importantly, the overall informativeness of recommendations has declined. The likelihood of issuing optimistic recommendations no longer depends on affiliation with the covered firm, although affiliated analysts are still reluctant to issue pessimistic recommendations. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.
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Regression Models for Categorical Dependent Variables Using Stata
Long, J. S., & Jeremy Freese, A. (2014) · Cited by 4,624
Market Timing and Capital Structure
Baker, M., & Wurgler, J. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00414 · Cited by 3,672
Testing the pecking order theory of capital structure
Frank, M. Z., & Goyal, V. K. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00252-0 · Cited by 2,633
Capital markets research in accounting
Kothari, S. P. (2001) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(01)00030-1 · Cited by 2,560
Do Brokerage Analysts' Recommendations Have Investment Value?
WOMACK, K. L. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05205.x · Cited by 1,931
Conflict of Interest and the Credibility of Underwriter Analyst Recommendations
Michaely, R., & Womack, K. L. (1999) · Review of Financial Studies · doi:10.1093/rfs/12.4.653 · Cited by 1,531
Regression Models for Categorical Dependent Variables Using Stata, Second Edition
Long, J. S., & Jeremy Freese, A. (2005) · Cited by 1,465
Underwriting relationships, analysts' earnings forecasts and investment recommendations
Lin, H.-W., & McNichols, M. F. (1998) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(98)00016-0 · Cited by 1,248
Security Analysts' Career Concerns and Herding of Earnings Forecasts
Hong, H., Kubik, J. D., & Solomon, A. (2000) · The RAND Journal of Economics · doi:10.2307/2601032 · Cited by 1,150
Cited by
The Ancients against the Moderns: Focusing on the Character of Corporate Leaders
Bragues, G. (2008) · Journal of Business Ethics · doi:10.1007/s10551-006-9342-8 · Cited by 48
Metadata
- Authors
- Kadan, O., Madureira, L., Wang, R., & Zach, T.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2009-01-12
- Volume
- 22
- Issue
- 10
- Pages
- 4189-4217
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3122625349
- Cited by
- 348
- References
- 34
- FWCI
- 39.78
- Type
- journal article
- Language
- en
- Open access
- closed
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