Washington Policy Analysts and the Propagation of Political Information

References

• Abadie A, Drukker D, Herr JL, Imbens GW (2004) Implementing matching estimators for average treatment effects in Stata. Stata J. 4:290–311.Crossref, Google Scholar
• Baker SR, Bloom N, Davis SJ (2016) Measuring economic policy uncertainty. Quart. J. Econom. 131(4):1593–1636.Crossref, Google Scholar
• Barber BM, Lehavy R, McNichols M, Trueman B (2006) Buys, holds, and sells: The distribution of investment banks’ stock ratings and the implications for the profitability of analysts’ recommendations. J. Accounting Econom. 41(1):87–117.Crossref, Google Scholar
• Birru J, Gokkaya S, Liu X, Stulz RM (2022) Are analyst short‐term trade ideas valuable? J. Finance 77(3):1829–1875.Crossref, Google Scholar
• Bradley D, Gokkaya S, Liu X (2017) Before an analyst becomes an analyst: Does industry experience matter? J. Finance 72(2):751–792.Crossref, Google Scholar
• Chevalier J, Ellison G (1999) Are some mutual fund managers better than others? Cross‐sectional patterns in behavior and performance. J. Finance 54(3):875–899.Crossref, Google Scholar
• Chen D, Ma Y, Martin X, Michaely R (2022) On the fast track: Information acquisition costs and information production. J. Financial Econom. 143(2):794–823.Crossref, Google Scholar
• Chen J, Hong H, Huang M, Kubik JD (2004) Does fund size erode mutual fund performance? The role of liquidity and organization. Amer. Econom. Rev. 94(5):1276–1302.Crossref, Google Scholar
• Christensen D, Mikhail M, Walther B, Wellman L (2017) From K Street to WallStreet: Political connections and stock recommendations. Accounting Rev. 92:87–112.Crossref, Google Scholar
• Clement MB (1999) Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? J. Accounting Econom. 27(3):285–303.Crossref, Google Scholar
• Cohen L, Frazzini A, Malloy C (2010) Sell‐side school ties. J. Finance 65(4):1409–1437.Crossref, Google Scholar
• Cooper MJ, Gulen H, Ovtchinnikov AV (2010) Corporate political contributions and stock returns. J. Finance 65(2):687–724.Crossref, Google Scholar
• Daniel K, Grinblatt M, Titman S, Wermers R (1997) Measuring mutual fund performance with characteristic‐based benchmarks. J. Finance 52(3):1035–1058.Crossref, Google Scholar
• Ellis K, Michaely R, O’Hara M (2002) The making of a dealer market: From entry to equilibrium in the trading of Nasdaq stocks. J. Finance 57(5):2289–2316.Crossref, Google Scholar
• Gao M, Huang J (2016) Capitalizing on Capitol Hill: Informed trading by hedge fund managers. J. Financial Econom. 121(3):521–545.Crossref, Google Scholar
• Goldman E, Rocholl J, So J (2009) Do politically connected boards affect firm value? Rev. Financial Stud. 22(6):2331–2360.Crossref, Google Scholar
• Goldstein MA, Irvine P, Kandel E, Wiener Z (2009) Brokerage commissions and institutional trading patterns. Rev. Financial Stud. 22(12):5175–5212.Crossref, Google Scholar
• Hassan TA, Hollander S, Van Lent L, Tahoun A (2019) Firm-level political risk: Measurement and effects. Quart. J. Econom. 134(4):2135–2202.Crossref, Google Scholar
• Hassan TA, Hollander S, Van Lent L, Tahoun A (2020a) The global impact of Brexit uncertainty. NBER Working Paper No. 26609, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Hassan TA, Hollander S, Van Lent L, Schwedeler M, Tahoun A (2020b) Firm-level exposure to epidemic diseases: Covid-19, SARS, and H1N1. Preprint, submitted April 2, https://dx.doi.org/10.2139/ssrn.3566530.Google Scholar
• Herron MC, Lavin J, Cram D, Silver J (1999) Measurement of political effects in the United States economy: A study of the 1992 presidential election. Econom. Politics 11(1):51–81.Crossref, Google Scholar
• Hong H, Kostovetsky L (2012) Red and blue investing: Values and finance. J. Financial Econom. 103(1):1–19.Crossref, Google Scholar
• Hu G, Jo KM, Wang YA, Xie J (2018) Institutional trading and Abel Noser data. J. Corporate Finance (52):143–167.Crossref, Google Scholar
• Hugon A, Kumar A, Lin A-P (2015) Analysts, macroeconomic news, and the benefit of active in-house economists. Accounting Rev. 91(2):513–534.Crossref, Google Scholar
• Irvine P, Lipson M, Puckett A (2006) Tipping. Rev. Financial Stud. 20(3):741–768.Crossref, Google Scholar
• Jacob J, Lys TZ, Neale MA (1999) Expertise in forecasting performance of security analysts. J. Accounting Econom. 28(1):51–82.Crossref, Google Scholar
• Juergens JL, Lindsey L (2009) Getting out early: An analysis of market making activity at the recommending analyst’s firm. J. Finance 64(5):2327–2359.Crossref, Google Scholar
• Julio B, Yook Y (2012) Political uncertainty and corporate investment cycles. J. Finance 67(1):45–83.Crossref, Google Scholar
• Kacperczyk M, Seru A (2007) Fund manager use of public information: New evidence on managerial skills. J. Finance 62(2):485–528.Crossref, Google Scholar
• Kadan O, Michaely R, Moulton PC (2018) Trading in the presence of short-lived private information: Evidence from analyst recommendation changes. J. Financial Quant. Anal. 53(4):1509–1546.Crossref, Google Scholar
• Loh RK, Stulz RM (2010) When are analyst recommendation changes influential? Rev. Financial Stud. 24(2):593–627.Crossref, Google Scholar
• Merkley K, Michaely R, Pacelli J (2017) Does the scope of the sell‐side analyst industry matter? An examination of bias, accuracy, and information content of analyst reports. J. Finance 72(3):1285–1334.Crossref, Google Scholar
• Michaely R, Womack KL (1999) Conflict of interest and the credibility of underwriter analyst recommendations. Rev. Financial Stud. 12(4):653–686.Crossref, Google Scholar
• Ovtchinnikov AV, Pantaleoni E (2012) Individual political contributions and firm performance. J. Financial Econom. 105(2):367–392.Crossref, Google Scholar
• Pool VK, Stoffman N, Yonker SE (2012) No place like home: Familiarity in mutual fund manager portfolio choice. Rev. Financial Stud. 25(8):2563–2599.Crossref, Google Scholar
• Pool VK, Stoffman N, Yonker SE (2015) The people in your neighborhood: Social interactions and mutual fund portfolios. J. Finance 70(6):2679–2732.Crossref, Google Scholar
• Puckett A, Yan XS (2011) The interim trading skills of institutional investors. J. Finance 66(2):601–633.Crossref, Google Scholar