Which Types of Analyst Firms Are More Optimistic

By Amanda P. Cowen, Boris Groysberg, Paul M. Healy. 2006

555 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/0bc25713481055551dbe923457bf5af8abcbe038

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Citations in the corpus

Company reputation and the cost of equity capital (2014, unknown): “Studies 2 See, for example, Reynolds and Francis (2001) and Larcker and Richardson (2004) for evidence related to auditors; Jackson (2005), Cowen et al. (2006), Clarke et al. (2007), and Fang and Yasuda (2009) for evidence related to financial analysts; and Jo et al. (2007) for evidence related to…”
What Determine Financial Analysts' Career Outcomes During Mergers? (2009, background): “For example, Cowen et al. (2006) find only 18 such firms in I/B/E/S prior to 2002.”
Analyst coverage, optimism, and stock price crash risk: Evidence from China (2013, background): “Cowen et al. (2006) find that the analysts at the six largestWall Street investment banks in the underwriting market give less optimistic forecasts and recommendations than those working at other investment banks, syndicates, or brokerage firms.”
Can They Take It With Them? The Portability of Star Knowledge Workers' Performance (2004, background): “The ultimate purpose of research at an investment bank is to help generate business from trading securities for institutional clients (Cowen et al. 2006).”
Hiring Stars and Their Colleagues: Exploration and Exploitation in Professional Service Firms (2009, methodology): “In contrast to popular belief, Cowen et al. (2006) demonstrate that analysts at firms with underwriting business are actually less optimistic than those at pure brokerage houses, who perform no underwriting.”
Analysts’ Forecasts: What Do We Know after Decades of Work? (2011, unknown): “Recent evidence by Cowen et al. (2006) and Jacob et al. (2008) suggests that incentives for optimistic bias are stronger for trading than for investment banking. They partition investment banks into those that provide investment banking and those that do not, where trading fees are the primary sourc”
What Drives Sell-Side Analyst Compensation at High-Status Investment Banks? (2011, background): “, Clement (1999), Malloy (2005), and Cowen et al. (2006)). It thus appears that prestigious Wall Street research houses, such as our sample firm, demand forecast accuracy. This variable is not susceptible to the data irregularities identified in Ljungqvist, Malloy, and Marston (2009). In addition, w”
The Use of Valuation Models by UK Investment Analysts (2008, background): “Cowen et al. (2005) reinforce this issue by revealing that sales and trading activities used to fund research are dominant factors and Barker (2001) also suggests that both analysts and fund managers share a common approach to valuation.”
The Market Reward for Achieving Analyst Earnings Expectations: Does Managing Expectations or Earnings Matter? (2011, unknown): “Similarly, Cowen et al. (2006) find that forecasts issued during the first six months of the accounting period are positively biased, those issued over the following three months are unbiased, and those issued over the last three months are negatively biased.”