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The superiority and disciplining role of independent analysts
16 references·7 citing·43 second hop
The superiority and disciplining role of independent analysts (2008)The superiority and disciplining role of …Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Determinants of the informativeness of analyst research (2006)Determinants of the informati…Performance matched discretionary accrual measures (2005)Performance matched discretio…GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings (2002)GAAP versus The Street: An Em…Rationality and Analysts' Forecast Bias (2001)Rationality and Analysts' For…Accruals and the Prediction of Future Cash Flows (2001)Accruals and the Prediction o…Expertise in forecasting performance of security analysts (1999)Expertise in forecasting perf…Conflict of Interest and the Credibility of Underwriter Analyst Recommendations (1999)Conflict of Interest and the …Underwriting relationships, analysts' earnings forecasts and investment recommendations (1998)Underwriting relationships, a…The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations* (1995)The Effect of Investment Bank…Managerial ownership, accounting choices, and informativeness of earnings (1995)Managerial ownership, account…Earnings Management During Import Relief Investigations (1991)Earnings Management During Im…An analysis of intertemporal and cross-sectional determinants of earnings response coefficients (1989)An analysis of intertemporal …Analysts' forecasts as earnings expectations (1988)Analysts' forecasts as earnin…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…An Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…Can FinTech Competition Improve Sell-Side Research Quality? (2021)Can FinTech Competition Impro…Independent and Affiliated Analysts: Disciplining and Herding (2016)Independent and Affiliated An…Can External Monitoring Affect Corporate Financial Reporting and Disclosure? Evidence from Earnings and Expectations Management (2014)Can External Monitoring Affec…Audit Committee Director-Auditor Interlocking and Perceptions of Earnings Quality (2014)Audit Committee Director-Audi…Conflict of Interest or Information Sharing? Evidence from Affiliated Analyst Performance in Korea* (2011)Conflict of Interest or Infor…Why Don’t Analysts Use Their Earnings Forecasts in Generating Stock Recommendations? (2009)Why Don’t Analysts Use Their …Conflicts of Interest and Research Quality of Affiliated Analysts in the German Universal Banking System: Evidence from IPO Underwriting (2009)Conflicts of Interest and Res…Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)Earnings Management through Real Activities Manipulation (2003)The economic implications of corporate financial reporting (2005)The Nature of the Firm (1937)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Separation of Ownership and Control (1983)Capital markets research in accounting (2001)Do Nonaudit Services Compromise Auditor Independence? Further Evidence (2003)Equity Incentives and Earnings Management (2005)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Using daily stock returns (1985)Efficient Capital Markets: II (1991)Signalling by underpricing in the IPO market (1989)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Individual differences in reasoning: Implications for the rationality debate? (2000)Representativeness Revisited: Attribute Substitution in Intuitive Judgment (2002)Heuristics and Biases: The Psychology of Intuitive Judgment (2004)The Long‐Run Performance of initial Public Offerings (1991)Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking (1993)Earnings Management and the Long‐Run Market Performance of Initial Public Offerings (1998)Herd Behavior in Financial Markets (2000)Stock price reaction to news and no-news: drift and reversal after headlines (2003)Analyzing the Analysts: When Do Recommendations Add Value? (2004)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)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Dividend Policy, Growth, and the Valuation of Shares (1961)An Intertemporal Capital Asset Pricing Model (1973)Earnings Asan Explanatory Variable for Returns (1991)Forecasting Profitability and Earnings (2000)Does Greater Firm‐Specific Return Variation Mean More or Less Informed Stock Pricing? (2003)Experimental and Quasi-Experimental Designs for Research (1963)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)A review of archival auditing research (2014)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility (2011)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1991Earnings Management During Import Relief Investigations8,369 cited
  • 2005Performance matched discretionary accrual measures6,963 cited
  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 1989An analysis of intertemporal and cross-sectional determinants of earnings response coefficients1,685 cited
  • 1999Conflict of Interest and the Credibility of Underwriter Analyst Recommendations1,549 cited
  • 1995Managerial ownership, accounting choices, and informativeness of earnings1,517 cited
  • 1998Underwriting relationships, analysts' earnings forecasts and investment recommendations1,248 cited
  • 2001Rationality and Analysts' Forecast Bias1,012 cited
  • 1988Analysts' forecasts as earnings expectations985 cited
  • 2001Accruals and the Prediction of Future Cash Flows925 cited
  • 2002GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings819 cited
  • 1999Expertise in forecasting performance of security analysts726 cited
  • 1995The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations*

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664 cited
  • 2006Determinants of the informativeness of analyst research631 cited
  • Cited by

    • 2021Can FinTech Competition Improve Sell-Side Research Quality?52 cited
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    • 2014Can External Monitoring Affect Corporate Financial Reporting and Disclosure? Evidence from Earnings and Expectations Management39 cited
    • 2009Why Don’t Analysts Use Their Earnings Forecasts in Generating Stock Recommendations?31 cited
    • 2011Conflict of Interest or Information Sharing? Evidence from Affiliated Analyst Performance in Korea*30 cited
    • 2014Audit Committee Director-Auditor Interlocking and Perceptions of Earnings Quality23 cited
    • 2016Independent and Affiliated Analysts: Disciplining and Herding20 cited