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(1,125)
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- Faculty Publications (425)
Show Results For
- All HBS Web
(1,125)
- People (3)
- News (217)
- Research (676)
- Events (3)
- Multimedia (5)
- Faculty Publications (425)
- 17 Jun 2010
- Working Paper Summaries
When Do Analysts Add Value? Evidence from Corporate Spinoffs
- 2010
- Working Paper
When Do Analysts Add Value? Evidence from Corporate Spinoffs
By: Emilie Rose Feldman, Stuart Gilson and Belen Villalonga
We investigate the information content and forecast accuracy of 1,793 analyst reports written around 62 spinoffs—a setting in which analysts' ability to inform investors is potentially very high. We find that analysts pay little attention to subsidiaries about to be... View Details
Keywords: Earnings Management; Mergers and Acquisitions; Business Subsidiaries; Restructuring; Forecasting and Prediction; Insolvency and Bankruptcy; Initial Public Offering; Price; Reports; Research
Feldman, Emilie Rose, Stuart Gilson, and Belen Villalonga. "When Do Analysts Add Value? Evidence from Corporate Spinoffs." Harvard Business School Working Paper, No. 10-102, May 2010.
- February 2005
- Article
Financial Analyst Characteristics and Herding Behavior in Forecasting
By: Michael B. Clement and Senyo Tse
This study classifies analysts' earnings forecasts as herding or bold and finds that (1) boldness likelihood increases with the analyst's prior accuracy, brokerage size, and experience and declines with the number of industries the analyst follows, consistent with... View Details
Keywords: Experience and Expertise; Forecasting and Prediction; Performance Evaluation; Financial Services Industry
Clement, Michael B., and Senyo Tse. "Financial Analyst Characteristics and Herding Behavior in Forecasting." Journal of Finance 60, no. 1 (February 2005): 307–341.
- Fast Answer
Investment analyst reports: banks included in library research
Which investment banks's research do I have access to analyst to and in which database? Investment Bank Region Focus Source Auerbach Grayson North America LSEG Workspace Barclays* Global View Details
- 18 Mar 2016
- News
Valeant Analysts Aren't Alone in Thinking `Sell' Is a Dirty Word
- 2008
- Working Paper
CEO and CFO Career Penalties to Missing Quarterly Analysts Forecasts
By: Rick Mergenthaler, Shiva Rajgopal and Suraj Srinivasan
We find that missing the quarterly analyst consensus earnings forecast is associated with career penalties in the form of a reduced bonus, smaller equity grants, and a greater chance of forced dismissal for both CEOs and CFOs during the period 1993-2004. These results... View Details
Keywords: Earnings Management; Governing and Advisory Boards; Compensation and Benefits; Managerial Roles; Personal Development and Career
Mergenthaler, Rick, Shiva Rajgopal, and Suraj Srinivasan. "CEO and CFO Career Penalties to Missing Quarterly Analysts Forecasts." Harvard Business School Working Paper, No. 09-014, August 2008. (Revised June 2009.)
- March 2013
- Article
The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations?
By: Michael Firth, Chen Lin, Ping Liu and Yuhai Xuan
This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms' commission income derived from each mutual fund client as well as the... View Details
Firth, Michael, Chen Lin, Ping Liu, and Yuhai Xuan. "The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations?" Journal of Accounting Research 51, no. 1 (March 2013): 165–200.
- December 2007
- Article
The Roles of Task-Specific Experience and Innate Ability in Understanding Analyst Performance
By: Michael B. Clement, Lisa Koonce and Thomas Lopez
Considerable debate exists about what analyst experience measures and whether analysts learn from their experiences. Extant research has argued that once innate ability is considered, analysts’ general and firm-specific experiences are not relevant to understanding... View Details
Keywords: Experience and Expertise; Learning; Performance Evaluation; Forecasting and Prediction; Financial Services Industry
Clement, Michael B., Lisa Koonce, and Thomas Lopez. "The Roles of Task-Specific Experience and Innate Ability in Understanding Analyst Performance." Journal of Accounting & Economics 44, no. 3 (December 2007): 378–398.
- Research Summary
Analyst Disagreement, Forecast Bias and Stock Returns
We present evidence of inefficient information processing in
equity markets by documenting that biases in analysts' earnings
forecasts are reflected in stock prices. In particular, investors
fail to account for analysts' tendency to withhold negative views
and to issue... View Details
- 2011
- Chapter
The Analyst Recommendation and Earnings Forecast Anomaly
By: George Serafeim
Serafeim, George. "The Analyst Recommendation and Earnings Forecast Anomaly." Chap. 3 in The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies, edited by Len Zacks, 63–91. John Wiley & Sons, 2011.
- August 2016
- Article
The Activities of Buy-Side Analysts and the Determinants of Their Stock Recommendations
By: Lawrence D. Brown, Andrew C. Call, Michael B. Clement and Nathan Y. Sharp
We survey 344 buy-side analysts from 181 investment firms and conduct 16 detailed follow-up interviews to gain insights into the activities of buy-side analysts, including the determinants of their compensation, the inputs to their stock recommendations, their beliefs... View Details
Brown, Lawrence D., Andrew C. Call, Michael B. Clement, and Nathan Y. Sharp. "The Activities of Buy-Side Analysts and the Determinants of Their Stock Recommendations." Journal of Accounting & Economics 62, no. 1 (August 2016): 139–156.
- October 2003 (Revised February 2005)
- Case
Analyst Conflicts (B): Aftermath of the Settlement
By: Ashish Nanda
Supplements the (A) case. View Details
Nanda, Ashish. "Analyst Conflicts (B): Aftermath of the Settlement." Harvard Business School Case 904-022, October 2003. (Revised February 2005.)
- 13 Oct 2013
- News
Debt ceiling maneuvering threatens economy, analysts say
- 19 Mar 2016
- News
Ex-McKinsey Analyst Finds New Path as Lavish Jeweler
- April 2006
- Article
Which Types of Analyst Firms Are More Optimistic?
By: Amanda Paige Cowen, Boris Groysberg and Paul Healy
Keywords: Business Ventures
Cowen, Amanda Paige, Boris Groysberg, and Paul Healy. "Which Types of Analyst Firms Are More Optimistic?" Journal of Accounting & Economics 41, nos. 1-2 (April 2006): 119–146. (Winner of Emerald Management Reviews. Citation of Excellence.)
- Awards
Emerald Management Reviews. Citation of Excellence
By: Paul M. Healy
Winner of the 2006 Emerald Management Reviews Citation of Excellence for "Which Types of Analyst Firms Are More Optimistic?" (with Amanda Paige Cowen and Boris Groysberg, Journal of Accounting & Economics, April 2006). View Details
- 2009
- Other Unpublished Work
When Do Analysts Add Value? Evidence from Corporate Spinoffs
By: Emilie Feldman, Stuart Gilson and Belen Villalonga
Feldman, Emilie, Stuart Gilson, and Belen Villalonga. "When Do Analysts Add Value? Evidence from Corporate Spinoffs." December 2009.
- Web
Investment analyst reports (equity research reports) | Baker Library
Help Center Investment analyst reports (equity research reports) How do I find investment analysts' reports on companies, industries and geographies? Analyst Reports contain advice on whether to buy or sell... View Details
- Article
Analysts and Information Gaps: Lessons From the UAL Buyout
By: S. C. Gilson
Gilson, S. C. "Analysts and Information Gaps: Lessons From the UAL Buyout." Financial Analysts Journal 56, no. 6 (November–December 2000): 82–110.
- 2009
- Working Paper
Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets.
By: Francois Brochet, Gregory S. Miller and Suraj Srinivasan
We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a... View Details
Keywords: Business and Stakeholder Relations; Capital Markets; Decisions; Managerial Roles; Financial Institutions; Investment; Market Participation; Public Ownership; Relationships
Brochet, Francois, Gregory S. Miller, and Suraj Srinivasan. "Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets." American Accounting Association Financial Accounting and Reporting Section Paper, August 2009. (Forthcoming, The Accounting Review, March 2014.)