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Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations
We investigate directly whether analyst behaviour influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 US debt and equity offerings sold between December 1993 andExpand
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Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors
Because sell-side analysts are dependent on institutional investors for performance ratings and trading commissions, we argue that analysts are less likely to succumb to investment banking orExpand
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Substitutability of Leases and Debt in Corporate Capital Structures
Finance theory suggests that leases and debt are substitutes. Surprisingly, however, prior empirical research using financial statement data has been unable to verify this trade-off between the twoExpand
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Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-Management Appointments
We show that relatively optimistic research and even the mere provision of research coverage for the issuer (regardless of its direction) attract co-management appointments for securities offerings.Expand
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Estimating Shareholder Risk Premia Using Analysts' Growth Forecasts
This paper presents estimates of shareholder required rates of return and risk premia which are derived using forward-looking analysts' growth forecasts. We update through 1991 earlier work which,Expand
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Risk and Return: A Revisit Using Expected Returns
This paper uses direct estimates of expected returns to examine the link between standard measures of financial risk and investor return requirements. The results show that systematic risk commands aExpand
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Incentives for Leasing: Evidence from the Largest U.S. Lessees and Lessors
We investigate the incentives for leasing by constructing samples of the 100 largest lessees and 100 largest lessors in the U.S. Our lessee sample accounts for more than 60 percent of the leasingExpand
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The Market Risk Premium: Expectational Estimates Using Analysts' Forecasts
We use expectational date from financial analysts to estimate a market risk premium for U.S. stocks. Using the SP500 as a proxy for the market portfolio, we find an average market risk premium ofExpand
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