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Analysts' Selective Coverage and Subsequent Performance of Newly Public Firms
16 references·16 citing·30 second hopsampled
Analysts' Selective Coverage and Subsequent Performance of Newly Public Firms (2006)Analysts' Selective Coverage and Subseque…Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns (2001)Can Investors Profit from the…Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies (2000)Bad News Travels Slowly: Size…Conflict of Interest and the Credibility of Underwriter Analyst Recommendations (1999)Conflict of Interest and the …Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks (1998)Underwriter Reputation, Initi…Earnings Management and the Long‐Run Market Performance of Initial Public Offerings (1998)Earnings Management and the L…On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies (1997)Myth or Reality? The Long-Run…Evidence on the Characteristics of Cross Sectional Variation in Stock Returns (1997)Evidence on the Characteristi…Do Brokerage Analysts' Recommendations Have Investment Value? (1996)Do Brokerage Analysts' Recomm…The New Issues Puzzle (1995)The New Issues PuzzleCommon risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…The Long‐Run Performance of initial Public Offerings (1991)The Long‐Run Performance of i…Initial Public Offerings and Underwriter Reputation (1990)Initial Public Offerings and …Firm characteristics and analyst following (1989)Firm characteristics and anal…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Analyst coverage and greenwashing: Evidence from Chinese A-Share listed corporations (2024)Analyst coverage and greenwas…Pervasive underreaction: Evidence from high-frequency data (2021)Pervasive underreaction: Evid…Security analysts and capital market anomalies (2020)Security analysts and capital…Common Analysts: Method for Defining Peer Firms (2020)Common Analysts: Method for D…The impact of corporate tax avoidance on analyst coverage and forecasts (2019)The impact of corporate tax a…Incentives for Information Production in Markets where Prices Affect Real Investment (2017)Incentives for Information Pr…Does Accounting Conservatism Mitigate the Shortcomings of CEO Overconfidence? (2017)Does Accounting Conservatism …Uncovering Expected Returns: Information in Analyst Coverage Proxies (2016)Uncovering Expected Returns: …Corporate Environmental Policy and Shareholder Value: Following the Smart Money (2016)Corporate Environmental Polic…Analysts, Macroeconomic News, and the Benefit of Active In-House Economists (2015)Analysts, Macroeconomic News,…Incentives for Information Production in Markets Where Prices Affect Real Investment (2013)Incentives for Information Pr…Why are recommendations optimistic? Evidence from analysts’ coverage initiations (2011)Why are recommendations optim…Underwriter Quality and Long‐Run IPO Performance (2011)Underwriter Quality and Long‐…Impact of Leadership Styles on Employees' Organizational Commitment in Lithuanian Manufacturing Companies (2008)Impact of Leadership Styles o…The long-run performance of initial public offerings and its determinants: the case of China (2007)The long-run performance of i…Strategic investments by US firms in transition economies (2007)Strategic investments by US f…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Theory of Rational Option Pricing (1973)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)MEDIA LEGITIMATION EFFECTS IN THE MARKET FOR INITIAL PUBLIC OFFERINGS. (2003)Why Has IPO Underpricing Changed Over Time (2004)Theory of rational option pricing (2005)Does the Stock Market Overreact? (1985)The Categorical Imperative: Securities Analysts and the Illegitimacy Discount (1999)Investor Psychology and Asset Pricing (2001)… and the Cross-Section of Expected Returns (2015)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Earnings Management During Import Relief Investigations (1991)Earnings Management through Real Activities Manipulation (2003)Performance matched discretionary accrual measures (2005)The economic implications of corporate financial reporting (2005)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)INITIAL PUBLIC OFFERINGS (1988)Event Studies in Economics and Finance (1997)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)The relationship between return and market value of common stocks (1981)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets (1999)The Cross‐Section of Volatility and Expected Returns (2006)All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)Multifactor Explanations of Asset Pricing Anomalies (1996)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1995The New Issues Puzzle3,550 cited
  • 1991The Long‐Run Performance of initial Public Offerings3,500 cited
  • 2000Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies2,639 cited
  • 1990Initial Public Offerings and Underwriter Reputation2,442 cited
  • 1998Earnings Management and the Long‐Run Market Performance of Initial Public Offerings2,300 cited
  • 1996Do Brokerage Analysts' Recommendations Have Investment Value?1,916 cited
  • 1997Evidence on the Characteristics of Cross Sectional Variation in Stock Returns1,665 cited
  • 1999Conflict of Interest and the Credibility of Underwriter Analyst Recommendations1,549 cited
  • 1989Firm characteristics and analyst following1,535 cited
  • 1998Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks1,510 cited
  • 1997Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies

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1,456 cited
  • 2001Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns1,100 cited
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    • 2011Underwriter Quality and Long‐Run IPO Performance92 cited
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    • 2011Why are recommendations optimistic? Evidence from analysts’ coverage initiations78 cited
    • 2020Common Analysts: Method for Defining Peer Firms71 cited
    • 2021Pervasive underreaction: Evidence from high-frequency data71 cited
    • 2024Analyst coverage and greenwashing: Evidence from Chinese A-Share listed corporations64 cited
    • 2007The long-run performance of initial public offerings and its determinants: the case of China63 cited
    • 2019The impact of corporate tax avoidance on analyst coverage and forecasts59 cited
    • 2016Corporate Environmental Policy and Shareholder Value: Following the Smart Money59 cited
    • 2008Impact of Leadership Styles on Employees' Organizational Commitment in Lithuanian Manufacturing Companies58 cited
    • 2007Strategic investments by US firms in transition economies57 cited