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Brokerage analysts frequently comment on and sometimes recommend companies that their firms have recently taken public. We show that stocks that underwriter analysts recommend perform more poorly than " buy " recommendations by unaffiliated brokers prior to, at the time of, and subsequent to the recommendation date. We conclude that the recommendations by(More)
  • David B Farber, Charles Lee, Tim Mount, Bhaskaran Swaminathan, Daniel Beneish, Walt Blacconiere +7 others
  • 2004
This paper is adapted from my dissertation completed at Cornell University. I would like to thank my committee chairperson, Julia D'Souza, for her unwavering support and guidance in the development of this paper. I also thank my other committee members-for their suggestions and comments. I appreciate the valuable comments I received at the 2002 AAA meeting.(More)
We examine aftermarket transactions for closed-end fund IPOs and document large sell-to-buy imbalances (''flipping''), extensive price stabilization, and sharp subsequent price drops. The timing of the price drop is related to both the amount of initial flipping, and use of the over-allotment options. The extent of the flipping activity is related to the(More)
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