Favorable versus Unfavorable Recommendations: The Impact on Analyst Access to Management-Provided Information

By Shuping Chen, Dawn A. Matsumoto. 2006

267 citations recorded by the source corpus.

Subfields: Accounting, Finance, Safety Research

View Paper: https://www.semanticscholar.org/paper/0fb4f6f31db4c1387bda6ac734c88c7e1229d979

How researchers see this paper

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In Accounting

1. Xueming Luo
2. William J. Mayew
3. Mohan Venkatachalam
4. Nathan Y. Sharp
5. Gilles Hilary
6. Michael K. Bednar
7. Andrew C. Call
8. Y. H. Tong

In Finance

1. Xueming Luo
2. William J. Mayew
3. Mohan Venkatachalam
4. P. D. Jong
5. Charles Hsu
6. Gilles Hilary
7. Andrew C. Call
8. Christian Homburg

In Safety Research

1. William J. Mayew
2. Xueming Luo
3. P. D. Jong
4. Gilles Hilary
5. Charles Hsu
6. Andrew C. Call
7. Y. H. Tong
8. Stanimir Markov

Citations in the corpus

• Corporate Social Performance, Analyst Stock Recommendations, and Firm Future Returns (2015, unknown): “…Sunder, 2007: 583), we measure analyst expertise as the firm-specific experience of the financial analysts working at the brokerage firm (Chen and Matsumoto, 2006).3 The data for institutional ownership are obtained from the Thompson Financial CDA/Spectrum database 3 Per one anonymous reviewer,…”
• Asymmetric Information and Dividend Policy (2008, unknown): “conference calls improve analyst forecast precision and reduce forecast dispersion, and Chen and Matsumoto (2006) find that better access to management is associated with more accurate analyst”
• Are analysts’ earnings forecasts more accurate when accompanied by cash flow forecasts? (2009, methodology): “Despite these controls, an alternative explanation for our results is that analysts who issue cash flow forecasts have access to management-provided information that can impact their earnings forecast accuracy ( Chen and Matsumoto 2006 ).”
• Using earnings conference calls to identify analysts with superior private information (2013, result): “This result is consistent with Chen and Matsumoto (2006) and a necessary condition for proceeding with a mediation analysis.”
• Evidence of Management Discrimination Among Analysts during Earnings Conference Calls (2008, result): “These findings are inconsistent with Chen and Matsumoto’s (2005) conclusions that managers do not discriminate based on analyst upgrades and downgrades in the post-FD period.”
• Access to Management and the Informativeness of Analyst Research (2014, methodology): “…Kumar, and Sulaeman, 2012), the timing of earnings announcements (Ivkovic and Jegadeesh, 2004), analyst optimism (Gintschel and Markov, 2004; and Chen and Matsumoto, 2006), or educational ties (Cohen, Frazzini, and Malloy, 2010), leaving open the possibility that subtle variants of management…”
• Does advertising spending really work? The intermediate role of analysts in the impact of advertising on firm value (2010, methodology): “Indeed, prior research suggests that analysts play an indispensable role in interpreting data because they “gather and process information about a firm and issue earnings forecasts and recommendations to investors” (Chen and Matsumoto 2006, p. 658).”
• The Informational Role of Bond Analysts (2009, unknown): “4 See, e.g., Francis and Philbrick (1993), Das et al. (1998), Lim (2001), and Chen and Matsumoto (2006) for support, although research by Eames et al. (2002), and Eames and Glover (2003) question these conclusions. equity analysts' reports and other events.”