Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated with Mergers and Acquisitions Advisors

@article{Kolasinski2008InvestmentBA,
  title={Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated with Mergers and Acquisitions Advisors},
  author={A. Kolasinski and S. Kothari},
  journal={Journal of Financial and Quantitative Analysis},
  year={2008},
  volume={43},
  pages={817-842}
}
  • A. Kolasinski, S. Kothari
  • Published 2008
  • Business
  • Journal of Financial and Quantitative Analysis
  • We find evidence that conflicts of interest arising from mergers and acquisitions (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… CONTINUE READING
    112 Citations
    Analyst conflicts of interest in the M&A context
    • Highly Influenced
    • PDF
    Can Analysts Analyze Mergers
    • 8
    Merger Means of Payment and Analyst Recommendation Change
    • Highly Influenced
    Does Relationship Matter? The Choice of Financial Advisors
    • 36
    • PDF
    Can Analysts Analyze Mergers?
    • 7
    • PDF

    References

    SHOWING 1-10 OF 24 REFERENCES
    Do Analyst Conflicts Matter? Evidence from Stock Recommendations
    • 187
    • PDF
    Do Brokerage Analysts' Recommendations Have Investment Value?
    • 1,620