Investment Banking And Analyst Objectivity
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Investment Banking And Analyst Objectivity
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Author : Adam Kolasinski
language : en
Publisher:
Release Date : 2004
Investment Banking And Analyst Objectivity written by Adam Kolasinski and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Unlike previous research on the objectivity of analysts affiliated with equity underwriter banks, we study analysts affiliated with M & A advisors. M & A deals are far more common than equity issuances, and M & A advisory activity generates more revenue for investment banks than equity underwriting. The question of whether affiliations with an M & A advisor taints analyst research is therefore important. In addition, analysts affiliated with M & A advisors sometimes have an incentive for pessimism and sometimes optimism, whereas an affiliation with an underwriter only creates incentives for optimism. The greater dimensionality of M & A context enhances our power to detect analyst corruption. Finally, unlike the equity underwriting setting, the M & A setting allows us to construct clean tests for analyst corruption of a certain type. Notwithstanding high power, we find no evidence that client firms use investment banking fees as a means of coaxing analysts to provide desirable coverage. Our results therefore indicate that the association between analyst optimism and underwriter affiliation found in other studies is likely due to an alternative hypothesis. Keywords: Corporate Finance, Investment Banking, Analysts, Conflict of Interest. JEL Classifications: G24, G29, G30, G34, G38, M41.
Investment Banking And Analyst Objectivity
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Author : Adam C. Kolasinski
language : en
Publisher:
Release Date : 2009
Investment Banking And Analyst Objectivity written by Adam C. Kolasinski and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
We find evidence that conflicts of interest arising from Mamp;A relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions in a setting, i.e. Mamp;A relations, not previously examined in research on analyst conflicts. In addition, the Mamp;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 Mamp;A deals, even around all-cash deals, wherein selection bias is unlikely. Also consistent with conflict of interest, but not selection bias, target-affiliated analysts publish optimistic reports about acquirers after, but not before, the exchange ratio of an all-stock deal is set.
All Star Analyst Turnover Investment Bank Market Share And The Performance Of Initial Public Offerings
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Author : Jonathan Clarke
language : en
Publisher:
Release Date : 2015
All Star Analyst Turnover Investment Bank Market Share And The Performance Of Initial Public Offerings written by Jonathan Clarke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The impact of all-star analyst turnover on initial public offering market share and the performance of initial public offerings is examined. Overall, we find that neither quot;winnersquot; nor quot;losersquot; in the battle for all-star analysts experience a significant change in market share. In order to offset the loss of a star analyst, investment banks become more aggressive by taking on more speculative deals. The banks gaining the all-stars also take on more speculative issuers. Although forecast accuracy increases following the arrival of a star, forecast optimism does not change, which suggests that analyst objectivity is not affected. Overall, the evidence is not consistent with the commonly held view that analysts have a significant impact on a bank's ability to attract IPO deal flow.
Investment Banks The Role Of Firms And Their Analysts With Enron And Global Crossing
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
Investment Banks The Role Of Firms And Their Analysts With Enron And Global Crossing written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Analyzing The Analysts
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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
language : en
Publisher:
Release Date : 2001
Analyzing The Analysts written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Investment Banking Explained Chapter 9 Equity Research
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Author : Michel Fleuriet
language : en
Publisher: McGraw Hill Professional
Release Date : 2008-06-26
Investment Banking Explained Chapter 9 Equity Research written by Michel Fleuriet and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-26 with Business & Economics categories.
Here is a chapter from Investment Banking Explained, which provides a clear overview of this complex industry. It covers the history, key terms, structures, and strategies of investment banking and breaks the business down into its respective specialties--from traders, brokers, and analysts to relationship managers, hedgers, and retirement planners--illustrating how each contributes to the industry as a whole. This comprehensive guide examines the operations of the world's most successful firms, as well as explains how investment banks are forging their international strategies.
An Introduction To The Law On Financial Investment
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Author : Iain G MacNeil
language : en
Publisher: Bloomsbury Publishing
Release Date : 2012-01-20
An Introduction To The Law On Financial Investment written by Iain G MacNeil and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-20 with Law categories.
Since the publication of the first edition of this book in 2005, the world of financial investment has experienced an unprecedented boom followed by a spectacular bust. Significant changes have been proposed and in some cases implemented in areas such as the structure of regulation, the organisation of markets, supervision of market participants and the protection of consumers. The second edition takes account of these developments, integrating them into an analytical framework that enables the reader to develop a critical overview of the role of general legal rules and specialised systems of regulation in financial investment. The framework focuses on the role of contract, trusts and regulation as the primary legal influences for financial investment. The first part explores the relationship between investment, law and regulation. The second part examines the nature of investments and investors, both professional and private. The third part discusses the central role of corporate finance and corporate governance in linking investors with enterprises that require external capital. The fourth part examines the nature, operation and regulation of markets and the participants that support the functioning of the markets. The objective remains to provide a broadly-based and critical account of the role of law in financial investment. "MacNeil's eloquent and informative distillation of the regulatory fundamentals of investment law gives his book much international relevance...a timely contribution to help readers decipher the seemingly inextricable maze of financial regulation...Practitioners and legal policy advisers will..welcome it. They should find enlightening the book's careful scrutiny of the trust and contractual foundations of investment law and practice." Benjamin J Richardson Journal of International Banking Law and Regulation, Vol 22 Issue 1, 2007 ...a fascinating and informative book...thoroughly recommended as a learned but at the same time very readable introduction to the law of financial investment Gerard McCormack Banking and Finance Law Review, Volume 21 No 2, June 2006 ...very informative tool that introduces in a very friendly and accessible manner the nearly inextricable world of financial investment laws. Fadi Moghaizel International Company and Commercial Law Review, Vol. 17 No 2, February 2006
Conflict Of Interest Reforms And Investment Bank Analysts Research Biases
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Author : Yuyan Guan
language : en
Publisher:
Release Date : 2016
Conflict Of Interest Reforms And Investment Bank Analysts Research Biases written by Yuyan Guan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This study examines the consequences of the series of reforms targeting investment-banking-related conflicts of interest. We compare and contrast optimism biases in analysts' stock recommendations and earnings forecasts across different types of analyst firms in the post-reform period 2004-2007 versus the pre-reform period 1998-2001. We document a significant reduction in the relative optimism of sanctioned investment bank analysts' stock recommendations, but not their earnings forecasts. Moreover, we find little change in the profitability of their stock recommendations, but detect a drop in the accuracy of earnings forecasts made by investment bank analysts. In sum, the reforms achieve the objective of mitigating the apparent optimism in investment bank stock recommendations, but they do not provide benefit to investors in terms of more profitable recommendations or more accurate earnings forecasts.
Buffett S Tips
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Author : Tyler J. Longo
language : en
Publisher: John Wiley & Sons
Release Date : 2020-12-08
Buffett S Tips written by Tyler J. Longo and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-08 with Business & Economics categories.
What if you could learn financial literacy from Warren Buffett himself? Finance is a language like any other: the more fluently you speak it, the further—and more comfortably—you travel. And if you want to improve your financial literacy, what better teacher could you have than Warren Buffett? Often described as the greatest investor of all time, Warren Buffett started his investment firm with$100 in the late 1950s and went on to become the billionaire and sage we know today. Along the way he’s reaped huge profits for fellow investors in Berkshire Hathaway and remains one of the most sought-after and closely watched figures in the business world. So how did he do it? In Buffett’s Tips, award-winning professor and professional investor John M. Longo demonstrates just how by translating decades of Buffett’s writings and media appearances into a 100 straightforward tips and strategies anyone can follow for enhanced financial literacy and independence, including: Essential concepts like the time value of money and compound interest Basic financial instruments, such as savings and checking accounts and certificates of deposit Approaches to valuing stock, including discounted cash flow and relative valuation How to build a portfolio in accordance with Buffett’s two golden rules Whether you want to grow your personal finances, develop your business acumen, or improve softer career skills such as emotional intelligence, there’s no one better to learn from than the most famous investor in the world—and no better way to do that than having a copy of Buffett’s Tips close at hand.
Business Sustainability Corporate Governance And Organizational Ethics
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Author : Zabihollah Rezaee
language : en
Publisher: John Wiley & Sons
Release Date : 2019-11-06
Business Sustainability Corporate Governance And Organizational Ethics written by Zabihollah Rezaee and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-06 with Business & Economics categories.
A comprehensive framework for understanding the most important issues in global business This is the e-book version of Business Sustainability, Corporate Governance, and Organizational Ethics. In today's business environment, multinational corporations are under pressure from investors, lawmakers, and regulators to improve their corporate governance, business sustainability, and corporate culture. Business sustainability, corporate governance, and organizational ethics are taking center stage in the global business environment. This long-awaited text covers each of these three important areas in detail, guiding readers to a robust understanding with features including chapter summaries, essential terms, discussion questions, and cases for each topic covered.