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Ties That Bind : The Value of Professional Connections to Sell-Side Analysts

We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with professional connections to coverage firms have more accurate earnings forecasts and issue more informative buy and sell recommendations. These analysts are more likely to participate, be chosen first, and ask more questions during earnings conference calls and analyst/investor days. Homophily based on gender, age, and ethnicity is orthogonal to professional connections. Brokers attract greater trade commissions on stocks covered by connected analysts. Firms benefit through securing research coverage and invitations to broker-hosted investor conferences emulating from these connections.

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Informasi Detail

Judul Seri

MANAGEMENT SCIENCE; Vol.66 No.9 September 2020

No. Panggil

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Penerbit

: .,

Deskripsi Fisik

p. 4118 - 4151

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

ANALYST COVERAGE
HOMOPHILY
ANALYST FORECASTS
CAPITAL MARKET RELATIONSHIPS
REGULATION FD
EARNINGS CONFERENCE CALLS
ANALYSTS RECOMMENDATIONS
ALL-STAR ANALYSTS
PROFESSIONAL NETWORKS
PROFESSIONAL CONNECTIONS
MANAGEMENT ACCESS
BROKER COMMISSIONS
ANALYST/INVESTOR DAYS
BROKER-HOSTED CONFERENCE

Info Detail Spesifik

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Pernyataan Tanggungjawab

Daniel Bradley, Sinan Gokkaya, Xi Liu

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