Security Analyst Independence by Jennifer Francis, Qi Chen, Donna R. Philbrick, Richard H.
By Jennifer Francis, Qi Chen, Donna R. Philbrick, Richard H. Willis
Many traders understand, dependent totally on anecdotal facts, that analysts don't act independently. What the authors of this learn starting place monograph supply is a systematic exploration of the facts at the nature and factors of safeguard analyst conflicts. This complete and insightful research might be useful traders overview the integrity of sell-side study and support regulators undertake clever rules.
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19 Her theoretical study showed that analysts issue more accurate reports for stocks they think will perform well (buy stocks) and less accurate reports for stocks they expect to perform poorly (sell stocks). This relationship occurs because analysts’ incentives to generate trading commissions are positively related to trading volume. She showed that for buy stocks, trading volume is increased by providing more precise information (because precise information reduces the investor’s perceived risk); for sell stocks, the opposite occurs.
Lin and McNichols probed the role of underwriting arrangements in influencing the bias in affiliated and unaffiliated analysts’ reports. For their sample of 2,400 seasoned equity offerings made in 1989–1994, they identified the lead and co-underwriters for each offering; analysts employed by these firms were defined as affiliated analysts; analysts following the same company but employed by other brokerage houses were defined as unaffiliated analysts. , both affiliated and unaffiliated analysts demonstrated mean optimism in current-year earnings forecasts of about 7 percent of share price).
She showed that for buy stocks, trading volume is increased by providing more precise information (because precise information reduces the investor’s perceived risk); for sell stocks, the opposite occurs. Irvine (2000) provided empirical evidence about the relationship between trading commissions and analysts’ coverage decisions. He used a unique dataset obtained from the Toronto Stock Exchange (TSE), which identifies the name of the broker(s) involved in each stock transaction of the 100 largest TSE-listed companies.