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Journal articles on the topic 'Sell-side analyst'

Author: Grafiati

Published: 4 June 2021

Last updated: 9 February 2022

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1

Cheng, Yingmei, Mark H. Liu, and Jun Qian. "Buy-Side Analysts, Sell-Side Analysts, and Investment Decisions of Money Managers." Journal of Financial and Quantitative Analysis 41, no. 1 (2006): 51–83. http://dx.doi.org/10.1017/s0022109000002428.

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AbstractWe examine the role of financial analysts in forming institutional investors' investment decisions. In our model, a fund manager invests in a stock based on the optimal weighting of reports created by a biased sell-side analyst and an unbiased buy-side analyst. The manager puts a higher weight on the buy-side analyst's report when the quality of the buyside analyst's information relative to that of the sell-side analyst increases, or when the sell-side analyst's degree of bias or uncertainty about the bias increases. Utilizing a unique dataset of U.S. equity funds, we find evidence sup

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2

Lawrence, Alastair, James P. Ryans, and Estelle Y. Sun. "Investor Demand for Sell-Side Research." Accounting Review 92, no. 2 (2016): 123–49. http://dx.doi.org/10.2308/accr-51525.

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ABSTRACT We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and management guidance days, this preference is reversed. Moreover, the demand for analyst info

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3

Höfer, Andreas, and Andreas Oehler. "Sell-side security analysts in the nexus of principal-agent relations: An information economics perspective." Corporate Ownership and Control 10, no. 2 (2013): 267–73. http://dx.doi.org/10.22495/cocv10i2c2art6.

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In this paper we investigate in depth the contractual partner relationships between sell-side security analysts and the correspondently involved parties, where the sell-side security analyst is considered as both principal and agent. We break the activities of security analysts down into a nexus of principal-agent relationships where the most striking contractual partner relationship in this network appears among sell-side analyst and the (to be) assessed company (evaluand). By analyzing the research question in this fashion we find considerable potential for information and moral hazard risks

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4

Andersson, Patric, Johan Graaf, and Niclas Hellman. "Sell-side analysts and corporate acquisitions: case study findings." Qualitative Research in Financial Markets 12, no. 4 (2020): 437–64. http://dx.doi.org/10.1108/qrfm-08-2019-0094.

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Purpose This paper aims to investigate how sell-side analysts form expectations on, analyse, and communicate the effects of corporate acquisitions. Design/methodology/approach The paper reports on case studies of three listed firms who are frequent acquirers. The case data comprise semi-structured interviews and content analysis of analyst reports and corporate reports. Findings The paper reports three sets of findings. First, the analysts viewed acquisitions as heterogeneous events and, therefore, also treated acquisitions differently depending on factors such as size and acquisition strategy

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5

Contreras, Harold, and Francisco Marcet. "Sell-side analyst heterogeneity and insider trading." Journal of Corporate Finance 66 (February 2021): 101778. http://dx.doi.org/10.1016/j.jcorpfin.2020.101778.

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6

MUSLU, VOLKAN, MICHAEL REBELLO, and YEXIAO XU. "Sell-Side Analyst Research and Stock Comovement." Journal of Accounting Research 52, no. 4 (2014): 911–54. http://dx.doi.org/10.1111/1475-679x.12057.

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7

Lee, Sam (Sunghan), Shailendra Pandit, and Richard H. Willis. "Equity Method Investments and Sell-Side Analysts' Information Environment." Accounting Review 88, no. 6 (2013): 2089–115. http://dx.doi.org/10.2308/accr-50539.

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ABSTRACT: We study the joint effects of intercompany investing and reporting of equity method investments on the accuracy and dispersion of analysts' annual earnings-per-share (EPS) forecasts. We compare firm-year observations with and without equity method investments. We posit two non-mutually exclusive explanations for how equity method investments may affect analyst forecast properties. The Opacity Effect posits that the condensed equity method disclosures increase information asymmetry, increasing analysts' forecast errors and forecast dispersion. The Diversification Effect suggests that

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8

Kamp, Bart. "Earnings Quality Assessment by a Sell-Side Financial Analyst." Issues in Accounting Education 17, no. 4 (2002): 361–68. http://dx.doi.org/10.2308/iace.2002.17.4.361.

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The paper presents an instructional case on earnings quality. The case is based on a real-life financial analyst's report on the acquisition of the U.S. publisher CCH by the Dutch publisher Wolters Kluwer. Although the analyst believed that CCH was a sound investment, he downgraded his buy recommendation on Wolters Kluwer because of the deterioration of earnings quality, caused by a seemingly unusual accounting method for restructuring costs following the acquisition. The questions for discussion address the differences between management and analysts in their preferred earnings patterns, the

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9

Hamrouni, Amal, Ramzi Benkraiem, and Majdi Karmani. "Voluntary information disclosure and sell-side analyst coverage intensity." Review of Accounting and Finance 16, no. 2 (2017): 260–80. http://dx.doi.org/10.1108/raf-02-2015-0024.

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Purpose This paper aims to investigate whether a high level of voluntary disclosure attracts sell-side analysts. In other words, the authors check whether the number of analysts following a given firm increases with the extent of voluntary information that corporate managers provide in annual reports. Design/methodology/approach The paper relies on regression analyses to study the relationship between the level of coverage by sell-side analysts and the extent of voluntary disclosure for a sample of 155 non-financial firms listed on the Euronext Paris stock exchange and members of the SBF 250 i

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10

Sorogho, Samira Amadu. "The Determinants of Sell-side Analysts’ Forecast Accuracy and Media Exposure." SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS 1, no. 2 (2017): 133. http://dx.doi.org/10.29259/sijdeb.v1i2.13.

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This study examines contributing factors to the differential forecasting abilities of sell-side analysts and the relation between the sentiments of these analysts and their media exposure. In particular, I investigate whether the level of optimism expressed in sell-side analysts’ reports of fifteen constituents of primarily the S&P 500 Oil and Gas Industry1, enhance the media appearance of these analysts. Using a number of variables estimated from the I/B/E/S Detail history database, 15,455 analyst reports collected from Thompson Reuters Investext and analyst media appearances obtained fro

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11

Sorogho, Samira Amadu. "The Determinants of Sell-side Analysts’ Forecast Accuracy and Media Exposure." SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS 1, no. 2 (2017): 133. http://dx.doi.org/10.29259/sijdeb.v1i2.133-152.

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This study examines contributing factors to the differential forecasting abilities of sell-side analysts and the relation between the sentiments of these analysts and their media exposure. In particular, I investigate whether the level of optimism expressed in sell-side analysts’ reports of fifteen constituents of primarily the S&P 500 Oil and Gas Industry1, enhance the media appearance of these analysts. Using a number of variables estimated from the I/B/E/S Detail history database, 15,455 analyst reports collected from Thompson Reuters Investext and analyst media appearances obtained fro

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12

Abhayawansa, Subhash, and Indra Abeysekera. "Intellectual capital disclosure from sell‐side analyst perspective." Journal of Intellectual Capital 10, no. 2 (2009): 294–306. http://dx.doi.org/10.1108/14691930910952678.

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13

Jennings, Jared. "The Role of Sell-Side Analysts after Accusations of Managerial Misconduct." Accounting Review 94, no. 1 (2018): 183–203. http://dx.doi.org/10.2308/accr-52129.

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ABSTRACT Prior research questions the general informational role of analysts by documenting inefficiencies, biases, and limitations of their research. Rather than examine the general informational value of analyst research, I examine the value of analyst research in a specific setting—shareholder lawsuits—when investors demand information but other information providers are limited in their ability to provide it. After the lawsuit's filing, the demand for and production of management-provided information decreases. I argue that analysts are uniquely qualified to provide a portion of the inform

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Abhayawansa, Subhash, and James Guthrie. "Drivers and semantic properties of intellectual capital information in sell-side analysts’ reports." Journal of Accounting & Organizational Change 12, no. 4 (2016): 434–71. http://dx.doi.org/10.1108/jaoc-05-2014-0027.

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Purpose This paper aims to understand the potential usefulness of sell-side analysts’ investment recommendation reports as a medium for communicating intellectual capital (IC) information. It explores the manner in which analyst reports supply IC information and the types of companies in relation to which analyst reports supply most IC information. Design/methodology/approach A content analysis of 64 initiating coverage analyst reports written on Australian companies is performed. The content analysis focuses on three semantic properties of IC disclosures: format (i.e. discursive, numerical-no

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15

Qasem, Ameen, Norhani Aripin, and Wan Nordin Wan-Hussin. "Financial restatements and sell-side analysts' stock recommendations: evidence from Malaysia." International Journal of Managerial Finance 16, no. 4 (2020): 501–24. http://dx.doi.org/10.1108/ijmf-05-2019-0183.

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PurposeThe purpose of this paper is to examine the influence of financial restatements on the sell-side analysts' stock recommendations.Design/methodology/approachThe sample of this study is based on a dataset from a panel of 246 Malaysian public listed companies for the period 2008 to 2013 (651 company-year observations). This study employs feasible generalized least squares regression.FindingsThis study finds a negative and significant relationship between restated companies and sell-side analysts' stock recommendations, which means that sell-side analysts issue less favorable stock recommen

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16

Arand, Daniel, and Alexander G. Kerl. "Sell-Side Analyst Research and Reported Conflicts of Interest." European Financial Management 21, no. 1 (2012): 20–51. http://dx.doi.org/10.1111/j.1468-036x.2012.00661.x.

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17

Bricker, Robert, Gary Previts, Thomas Robinson, and Stephen Young. "Financial Analyst Assessment of Company Earnings Quality." Journal of Accounting, Auditing & Finance 10, no. 3 (1995): 541–54. http://dx.doi.org/10.1177/0148558x9501000307.

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This study investigates sell-side financial analysts' interpretations of the phrase “earnings quality” and their preference for accounting methods. The data are a sample consisting of 479 sell-side financial analyst full-text reports for a set of companies stratified on exchange, SIC code, and size in three recent time periods. These reports illustrate the importance placed by analysts on identifying companies' core earnings. The results show that analysts associate high earnings quality with near-term earnings predictability. This predictability is defined in an economic sense in terms of a l

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18

Bradley, Daniel, Sinan Gokkaya, and Xi Liu. "Ties That Bind: The Value of Professional Connections to Sell-Side Analysts." Management Science 66, no. 9 (2020): 4118–51. http://dx.doi.org/10.1287/mnsc.2019.3391.

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We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with professional connections to coverage firms have more accurate earnings forecasts and issue more informative buy and sell recommendations. These analysts are more likely to participate, be chosen first, and ask more questions during earnings conference calls and analyst/investor days. Homophily based on gender, age, and ethnicity is orthogonal to professional connections. Brokers attract greater trade commissions on stocks covered by connected analysts. Firms benefit

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19

Bosquet, Katrien, Peter de Goeij, and Kristien Smedts. "Gender heterogeneity in the sell-side analyst recommendation issuing process." Finance Research Letters 11, no. 2 (2014): 104–11. http://dx.doi.org/10.1016/j.frl.2013.11.004.

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20

Imam, Shahed, and Crawford Spence. "Context, not predictions: a field study of financial analysts." Accounting, Auditing & Accountability Journal 29, no. 2 (2016): 226–47. http://dx.doi.org/10.1108/aaaj-02-2014-1606.

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Purpose – The purpose of this paper is to shed light on the nature of the work that financial analysts actually do in the context of the market for information and to further open up research in this area to qualitative and sociological inquiry. Design/methodology/approach – A field study with 49 financial analysts (both buy-side and sell-side) was undertaken in order to understand the work that they actually do. This field study was theoretically informed by the sociology of Pierre Bourdieu. Findings – The authors find, in contrast to both conventional wisdom and assumptions in prior (mostly

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21

GROYSBERG, BORIS, PAUL M. HEALY, and DAVID A. MABER. "What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?" Journal of Accounting Research 49, no. 4 (2011): 969–1000. http://dx.doi.org/10.1111/j.1475-679x.2011.00417.x.

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22

Bagchee, Deepika. "INVESTORS ADJUST EXPECTATIONS AROUND SELL-SIDE ANALYST REVISIONS IN IPO RECOMMENDATIONS." Journal of Financial Research 32, no. 1 (2009): 53–70. http://dx.doi.org/10.1111/j.1475-6803.2008.01242.x.

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23

Machado, André, and Fabiano Guasti Lima. "Sell-side analyst reports and decision-maker reactions: Role of heuristics." Journal of Behavioral and Experimental Finance 32 (December 2021): 100560. http://dx.doi.org/10.1016/j.jbef.2021.100560.

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24

Gu, Zhaoyang, Zengquan Li, and Yong George Yang. "Monitors or Predators: The Influence of Institutional Investors on Sell-Side Analysts." Accounting Review 88, no. 1 (2012): 137–69. http://dx.doi.org/10.2308/accr-50263.

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ABSTRACT: Regulators and the investment community have been concerned that institutional investors pressure financial analysts through trading commission fees to issue optimistic opinions in support of their stock positions. We use a unique dataset that identifies mutual fund companies' allocation of trading commission fees to individual brokerages and provide direct evidence on this issue. In particular, we show that for stocks in which the fund companies have taken large positions, analysts are more optimistic in their stock recommendations when their brokerages receive trading commission fe

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Mikhail, Michael B., Beverly R. Walther, and Richard H. Willis. "When Security Analysts Talk, Who Listens?" Accounting Review 82, no. 5 (2007): 1227–53. http://dx.doi.org/10.2308/accr.2007.82.5.1227.

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Regulators' interest in analyst reports stems from the belief that small investors are unaware of the conflicts sell-side analysts face and may, as a consequence, be misled into making suboptimal investment decisions. We examine who trades on security analyst stock recommendations by extending prior research to focus on investor-specific responses to revisions. We find that both large and small traders react to analyst reports; however, large investors appear to trade more than small traders in response to the information conveyed by the analyst's recommendation and earnings forecast revision

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26

Cai, Huan, and Zhen Qi. "Private conversation matters: Evidence from sell-side analyst reports after private meetings." North American Journal of Economics and Finance 58 (November 2021): 101481. http://dx.doi.org/10.1016/j.najef.2021.101481.

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27

Bradley, Daniel, Jonathan Clarke, and Linghang Zeng. "The Speed of Information and the Sell-Side Research Industry." Journal of Financial and Quantitative Analysis 55, no. 5 (2019): 1467–90. http://dx.doi.org/10.1017/s0022109019000577.

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Between 2009 and 2013, the Fly on the Wall (FLY) leaked 58% of recommendation revisions with a median delay of 27 minutes relative to the IBES announcement time. We show that FLY improves price discovery, but leaked recommendations hamper brokers’ ability to offer price improvement on trades routed through them. Three major brokers sued FLY; using key court dates, we show significant wealth and real effects to the brokerage industry. Overall, the speed with which analyst recommendations are disseminated has led to more rapid price discovery at the expense of a decline in the scope of the sell-

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Billings, Bruce K., William L. Buslepp, and G. Ryan Huston. "Worth the Hype? The Relevance of Paid-For Analyst Research for the Buy-and-Hold Investor." Accounting Review 89, no. 3 (2013): 903–31. http://dx.doi.org/10.2308/accr-50681.

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ABSTRACT The SEC Advisory Committee on Smaller Public Companies recommends paid-for research to fill the void created by declining sell-side coverage. Potential conflicts of interest inherent in paid-for research challenge this recommendation. We evaluate whether paid-for research provides value to investors or merely reflects hype. Analyses of one- and two-year-ahead paid-for earnings forecasts fail to identify significant bias. Using a portfolio approach, favorable (unfavorable) paid-for recommendations yield positive (negative) stock returns at release, with upward (downward) drift over the

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Johnston, Rick. "Does Analyst Stock Ownership Affect Reporting Behavior?" Review of Pacific Basin Financial Markets and Policies 16, no. 02 (2013): 1350008. http://dx.doi.org/10.1142/s0219091513500082.

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An analyst who owns stock in the company she covers may be tempted to protect or enhance her personal interests. This paper examines how this potential conflict of interest affects the reporting of sell-side analysts by identifying and collecting two samples, the first from Securities and Exchange Commission (SEC) Form 144 filings, and the second from voluntary ownership disclosures. Ordered probit analyses show that owning analyst recommendations are slightly more cautious than those of the control analysts. There is little robust evidence that stock ownership leads to optimistic analyst repo

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Ashton, Robert H., and Anna M. Cianci. "Motivational and Cognitive Determinants of Buy-Side and Sell-Side Analyst Earnings Forecasts: An Experimental Study." Journal of Behavioral Finance 8, no. 1 (2007): 9–19. http://dx.doi.org/10.1080/15427560709337013.

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Mola, Simona, P. Raghavendra Rau, and Ajay Khorana. "Is There Life after the Complete Loss of Analyst Coverage?" Accounting Review 88, no. 2 (2012): 667–705. http://dx.doi.org/10.2308/accr-50330.

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ABSTRACT This paper examines the value of sell-side analysts to covered firms by documenting the effects on firm performance and investor interest after a complete loss of analyst coverage for periods of at least one year. We find that analyst coverage adds value to a firm both because it reduces information asymmetries about the firm's future performance and because it maintains investor recognition for that firm's stock. After the introduction of regulations that curtailed the informational advantage of analysts in the early 2000s, the investor recognition role of analysts remains important.

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Carapeto, Maria, and Miles B. Gietzmann. "Sell-Side Analyst Bias When Investment Banks Have Privileged Access to the Board." Financial Management 40, no. 3 (2011): 757–84. http://dx.doi.org/10.1111/j.1755-053x.2011.01160.x.

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Bhandari, Avishek, Babak Mammadov, and Maya Thevenot. "The impact of executive inside debt on sell-side financial analyst forecast characteristics." Review of Quantitative Finance and Accounting 51, no. 2 (2017): 283–315. http://dx.doi.org/10.1007/s11156-017-0671-8.

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34

Grant, Andrew, Elvis Jarnecic, and Mark Su. "Asymmetric effects of sell-side analyst optimism and broker market share by clientele." Journal of Financial Markets 24 (June 2015): 49–65. http://dx.doi.org/10.1016/j.finmar.2015.04.001.

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35

Su, Chen, Hanxiong Zhang, Kenbata Bangassa, and Nathan Lael Joseph. "On the investment value of sell-side analyst recommendation revisions in the UK." Review of Quantitative Finance and Accounting 53, no. 1 (2018): 257–93. http://dx.doi.org/10.1007/s11156-018-0749-y.

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36

Lehavy, Reuven, Feng Li, and Kenneth Merkley. "The Effect of Annual Report Readability on Analyst Following and the Properties of Their Earnings Forecasts." Accounting Review 86, no. 3 (2011): 1087–115. http://dx.doi.org/10.2308/accr.00000043.

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ABSTRACT: This study examines the effect of the readability of firms’ written communication on the behavior of sell-side financial analysts. Using a measure of the readability of corporate 10-K filings, we document that analyst following, the amount of effort incurred to generate their reports, and the informativeness of their reports are greater for firms with less readable 10-Ks. Additionally, we find that less readable 10-Ks are associated with greater dispersion, lower accuracy, and greater overall uncertainty in analyst earnings forecasts. Overall, our results are consistent with the pred

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Drake, Michael, Peter Joos, Joseph Pacelli, and Brady Twedt. "Analyst Forecast Bundling." Management Science 66, no. 9 (2020): 4024–46. http://dx.doi.org/10.1287/mnsc.2019.3339.

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Changing economic conditions over the past two decades have created incentives for sell-side analysts to both provide their institutional clients tiered services and to streamline their written research process. One manifestation of these changes is an increased likelihood of analysts’ issuing earnings forecasts for multiple firms on the same day. We identify this bundling property and show that bundling has increased steadily over time. We provide field evidence that the practice is a cost-saving measure, a natural by-product of analysts focusing on thematic research, and a reflection of fore

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Kerl, Alexander, Oscar Stolper, and Andreas Walter. "Tagging the triggers: an empirical analysis of information events prompting sell-side analyst reports." Financial Markets and Portfolio Management 26, no. 2 (2012): 217–46. http://dx.doi.org/10.1007/s11408-012-0184-3.

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Kim, Sangwan, KoEun Park, Joshua Rosett, and Yong-Chul Shin. "The benefit of labor cost disclosure: evidence from analyst earnings forecast accuracy." Managerial Finance 43, no. 5 (2017): 510–27. http://dx.doi.org/10.1108/mf-07-2016-0195.

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Purpose The purpose of this paper is to investigate whether sell-side equity analysts use labor cost information when forming expectations of future earnings. The availability of disaggregated earnings components will benefit financial statement users to the extent that the additional information released by a firm is useful to infer differential persistence of disaggregated earnings components. Design/methodology/approach This paper employs ordinary least squares, logit, and two-stage Heckman (1979) regressions which test whether analysts incorporate labor cost information into their earnings

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Ryan, Paul, and Richard J. Taffler. "Do brokerage houses add value? The market impact of UK sell-side analyst recommendation changes." British Accounting Review 38, no. 4 (2006): 371–86. http://dx.doi.org/10.1016/j.bar.2006.07.015.

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Caglayan, Mustafa Onur, Umut Celiker, and Edward R. Lawrence. "Sell‐side analyst recommendation revisions and hedge fund trading before and after regulation fair disclosure." Financial Review 56, no. 3 (2021): 563–90. http://dx.doi.org/10.1111/fire.12273.

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Chen, Jing, Michael J. Jung, and Joshua Ronen. "The Confirmation Effect of Analyst Recommendation Reiterations." Journal of Accounting, Auditing & Finance 32, no. 4 (2016): 576–92. http://dx.doi.org/10.1177/0148558x16662577.

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The vast majority of reports written by sell-side equity analysts conclude with a reiteration of the analyst’s existing recommendation on a firm’s stock. Yet there is a disproportionate amount of research that focuses on the market reactions of changes in recommendations and a prevailing sense that reiterations do not matter. In this article, we test the hypothesis that reiterations of recommendations serve to resolve information uncertainty since the original recommendation was published and that they give rise to market reactions in the direction of the original recommendation, which we call

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43

MERKLEY, KENNETH, RONI MICHAELY, and JOSEPH PACELLI. "Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports." Journal of Finance 72, no. 3 (2017): 1285–334. http://dx.doi.org/10.1111/jofi.12485.

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Precourt, Elena. "The effect of the JOBS act on analyst coverage of emerging growth companies." Journal of Financial Regulation and Compliance 27, no. 1 (2019): 86–109. http://dx.doi.org/10.1108/jfrc-10-2017-0082.

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PurposeThe purpose of this paper is to examine the section of the Jumpstart Our Business Startups (JOBS) Act related to information dissemination by sell-side security analysts. The paper analyzes how the abolishment of the quiet period requirements for emerging growth companies (EGCs) changes the analyst initiation timing and market expectation of and reaction to the issuance of the analyst recommendations.Design/methodology/approachThis paper considers the effect of the abolishment of the quiet period requirements on analyst coverage initiations for EGCs with IPOs between January 2006 and De

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45

Emery, Douglas R., and Xi Li. "Are the Wall Street Analyst Rankings Popularity Contests?" Journal of Financial and Quantitative Analysis 44, no. 2 (2009): 411–37. http://dx.doi.org/10.1017/s0022109009090140.

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AbstractWe investigate the (sell-side) analyst rankings ofInstitutional Investor(I/I) andThe Wall Street Journal(WSJ), using data from 1993–2005. We find that factors with a primary component of recognition are the most important determinants of the rankings, although performance measures are statistically significant determinants in some cases. The single exception to this finding is with existing WSJ stars, where industry-adjusted investment-recommendation performance is theonlysignificant determinant of repeating as a star. Further, in the year after becoming stars, the recommendations of W

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Beyer, Anne, and Ilan Guttman. "The Effect of Trading Volume on Analysts’ Forecast Bias." Accounting Review 86, no. 2 (2011): 451–81. http://dx.doi.org/10.2308/accr.00000030.

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ABSTRACT: This study models the interaction between a sell-side analyst and risk-averse investors. It derives an analyst’s optimal earnings forecast and investors’ optimal trading decisions in a setting where the analyst’s payoff depends on the trading volume the forecast generates as well as on the forecast error. In the fully separating equilibrium, we find that the analyst biases the forecast upward (downward) if his private signal reveals relatively good (bad) news. The model predicts that: (1) the analyst biases the forecast upward more often than downward and the forecast is on average o

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47

Orens, Raf, and Nadine Lybaert. "Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst." International Journal of Accounting 42, no. 3 (2007): 237–71. http://dx.doi.org/10.1016/j.intacc.2007.06.002.

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48

Niehaus, Greg, and Donghang Zhang. "The impact of sell-side analyst research coverage on an affiliated broker’s market share of trading volume." Journal of Banking & Finance 34, no. 4 (2010): 776–87. http://dx.doi.org/10.1016/j.jbankfin.2009.09.007.

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49

Bonner, Sarah E., Beverly R. Walther, and Susan M. Young. "Sophistication-Related Differences in Investors' Models of the Relative Accuracy of Analysts' Forecast Revisions." Accounting Review 78, no. 3 (2003): 679–706. http://dx.doi.org/10.2308/accr.2003.78.3.679.

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The accuracy of sell-side analysts' forecast revisions is related to a number of factors, including characteristics of the analyst and the age of the forecast. In this study we examine whether there are differences in how sophisticated and unsophisticated investors use these factors to predict the relative accuracy of forecast revisions. We adapt the lens model methodological approach from the judgment and decision-making literature to investigate these differences in an archival setting. Our results suggest that sophisticated investors have greater knowledge overall about the relation of the

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Bradshaw, Mark T. "Analyst Information Processing, Financial Regulation, and Academic Research." Accounting Review 84, no. 4 (2009): 1073–83. http://dx.doi.org/10.2308/accr.2009.84.4.1073.

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ABSTRACT: Changes in regulations governing capital markets always provide a rich setting for archival researchers to examine how such changes affect the behavior of market participants. Barniv et al. (2009; hereafter, BHMT) and Chen and Chen (2009; hereafter CC) examine the impacts of recently enacted regulations aimed at curbing perceived abused by sell-side analysts. There were no less than six significant regulations issued between 2000 and 2003 that affected the activities of analysts. BHMT and CC emphasize different regulations, but both predict that analysts' recommendation will be less

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