Corpus ID: 76648910

Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated With M&A Advisors

@inproceedings{Kolasinski2004InvestmentBA,
  title={Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated With M&A Advisors},
  author={A. Kolasinski and S. Kothari},
  year={2004}
}
  • A. Kolasinski, S. Kothari
  • Published 2004
  • Business
  • We find evidence that conflicts of interest arising from M&A relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions in a setting, i.e. M&A relations, not previously examined in research on analyst conflicts. In addition, the M&A context allows us to disentangle the conflict of interest effect from selection bias. We find that analysts affiliated with acquirer advisors upgrade acquirer stocks around M&A deals, even around all-cash deals, wherein… CONTINUE READING
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