Do Security Analysts Speak in Two Tongues

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Corporate Fraud and Business Conditions: Evidence from IPOs (2010, background): “Malmendier and Shanthikumar (2007) and Mikhail, Walther, and Willis (2007) find that, whereas individual investors focus on analyst buy/sell recommendations in a naïve way, institutional investors focus more on earnings forecasts.”
Political contributions and analyst behavior (2015, unknown): “4 Prior studies show various forecast biases such as nonstrategic excess optimism (Malmendier and Shanthikumar 2014), overweighting of private information (Chen and Jiang 2006), overreaction to favorable information (Easterwood and Nutt 1999), and analysts’ credulity (Teoh and Wong 2002).”
Structural Models of Nonequilibrium Strategic Thinking: Theory, Evidence, and Applications (2013, background): “Malmendier and Shanthikumar (2009) find somewhat different patterns of responses to earnings forecasts.”
Financial Expertise of Directors (2008, unknown): “Affiliation with financial institutions has raised concerns in several areas of financial intermediation, such as analyst recommendations and IPO allocations (Malmendier and Shanthikumar, 2007; Reuter, 2006).”
Persuasion: Empirical Evidence (2010, background): “Indeed, there is a negative correlation between recommendations and forecasts for affiliated analysts , for whom the conflict of interest is strongest (Malmendier & Shanthikumar 2009).”