Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors

@inproceedings{Ljungqvist2005ConflictsOI,
  title={Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors},
  author={A. Ljungqvist and Felicia C. Marston and Hong Yan and L. Starks and Kelsey D. Wei},
  year={2005}
}
  • A. Ljungqvist, Felicia C. Marston, +2 authors Kelsey D. Wei
  • Published 2005
  • Business
  • 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 or brokerage pressure in stocks highly visible to institutional investors. Examining a comprehensive sample of analyst recommendations over the 1994-2000 period, we find that analysts’ recommendations relative to consensus are positively associated with investment banking relationships and brokerage pressure… CONTINUE READING
    271 Citations
    Does analyst ranking affect how informative target prices are to institutional investors

    References