Does Reciprocity Affect Analysts’ Incentives to Release Timely Information? Evidence from Syndication Relationships in Securities Underwriting

References

• Baum JAC, Bowers A, Mohanram P (2016) Mutual forbearance and competition among security analysts. Management Sci. 62(6):1610–1631.Link, Google Scholar
• Bradshaw MT, Huang AG, Tan H (2019) The effects of analyst‐country institutions on biased research: Evidence from target prices. J. Accounting Res. 57(1):85–120.Crossref, Google Scholar
• Brochet F, Miller GS, Srinivasan S (2014) Do analysts follow managers who switch companies? An analysis of relationships in the capital markets. Accounting Rev. 89(2):451–482.Crossref, Google Scholar
• Chen C-Y, Chen PF (2009) NASD Rule 2711 and changes in analysts’ independence in making stock recommendations. Accounting Rev. 84(4):1041–1071.Crossref, Google Scholar
• Cohen L, Frazzini A, Malloy C (2010) Sell side school ties. J. Finance 65(4):1409–1437.Crossref, Google Scholar
• Corwin SA, Schultz P (2005) The role of IPO underwriting syndicates: Pricing, information production, and underwriter competition. J. Finance 60(1):443–486.Crossref, Google Scholar
• Cowen A, Groysberg B, Healy P (2006) Which types of analyst firms are more optimistic? J. Accounting Econom. 41(1–2):119–146.Crossref, Google Scholar
• Dambra M, Field LC, Gustafson MT, Pisciotta K (2018) The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act. J. Accounting Econom. 65(2–3):302–330.Crossref, Google Scholar
• deHaan E, Madsen JM, Piotroski JD (2017) Do weather-induced moods affect the processing of earnings news? J. Accounting Res. 55(3):509–550.Google Scholar
• Dyck A, Morse A, Zingales L (2010) Who blows the whistle on corporate fraud? J. Finance 65(6):2213–2253.Crossref, Google Scholar
• Enrich D, Raice S (2015) European banks’ reciprocity draws scrutiny. Wall Street Journal (March 1), https://www.wsj.com/articles/european-banks-reciprocity-draws-scrutiny-1425217599.Google Scholar
• Fehr E, Schmidt KM (1999) A theory of fairness, competition, and cooperation. Quart. J. Econom. 114(3):817–868.Crossref, Google Scholar
• Gande A, Lewis CM (2009) Shareholder-initiated class action lawsuits: Shareholder wealth effects and industry spillovers. J. Financial Quant. Anal. 44(4):823–850.Crossref, Google Scholar
• Gurun UG, Johnston R, Markov S (2016) Sell-side debt analysts and debt market efficiency. Management Sci. 62(3):682–703.Link, Google Scholar
• Hochberg YV, Ljungqvist A, Lu Y (2010) Networking as a barrier to entry and the competitive supply of venture capital. J. Finance 65(3):829–859.Crossref, Google Scholar
• Hong H, Kubik JD (2003) Analyzing the analysts: Career concerns and biased earnings forecasts. J. Finance 58(1):313–351.Crossref, Google Scholar
• Johnson MF, Nelson KK, Pritchard AC (2007) Do the merits matter more? The impact of the private securities litigation reform. J. Law Econom. Organ. 23(3):627–652.Crossref, Google Scholar
• Joos PR, Piotroski JD, Srinivasan S (2016) Can analysts assess fundamental risk and valuation uncertainty? An empirical analysis of scenario-based value estimates. J. Financial Econom. 121(3):645–663.Crossref, Google Scholar
• Kadan O, Madureira L, Wang R, Zach T (2009) Conflicts of interests and stock recommendations: The effects of the global settlement and related regulations. Rev. Financial Stud. 22(10):4189–4217.Crossref, Google Scholar
• Karpoff JM, Koester A, Lee SD, Martin GS (2017) Proxies and databases in financial misconduct research. Accounting Rev. 92(6):129–163.Crossref, Google Scholar
• Kim O, Verrecchia RE (2001) The relation among disclosure, returns, and trading volume information. Accounting Rev. 76(4):633–654.Crossref, Google Scholar
• Lin HW, McNichols MF (1998) Underwriting relationships, analysts’ earnings forecasts, and investment recommendations. J. Accounting Econom. 25(1):101–127.Google Scholar
• Ljungqvist A, Malloy CJ, Marston F (2009a) Rewriting history. J. Finance 64(4):1935–1960.Crossref, Google Scholar
• Ljungqvist A, Marston F, Wilhelm WJ (2006) Competing for securities underwriting mandates: Banking relationships and analyst recommendations. J. Finance 61(1):301–340.Crossref, Google Scholar
• Ljungqvist A, Marston F, Wilhelm WJ (2009b) Scaling the hierarchy: How and why investment banks compete for syndicate co-management appointments. Rev. Financial Stud. 22(10):3977–4006.Crossref, Google Scholar
• Malmendier U, Shanthikumar D (2014) Do security analysts speak in two tongues? Rev. Financial Stud. 27(5):1287–1322.Crossref, Google Scholar
• Michaely R, Womack KL (1999) Conflict of interest and credibility of underwriter analyst recommendations. Rev. Financial Stud. 12(4):653–686.Crossref, Google Scholar
• O’Brien PC, McNichols MF, Lin H-W (2005) Analyst impartiality and investment banking relationships. J. Accounting Res. 43(4):623–650.Crossref, Google Scholar
• Rabin M (1993) Incorporating fairness into game theory and economics. Amer. Econom. Rev. 83(5):1281–1302.Google Scholar
• Shivdasani A, Song W-L (2011) Breaking down the barriers: Competition, syndicate structure, and underwriting incentives. J. Financial Econom. 99(3):581–600.Crossref, Google Scholar
• Walker RH, Levine DM, Pritchard AC (1997) The new securities class action: Federal obstacles, state detours. Arizona Law Rev. 39(2):641–685.Google Scholar