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- All HBS Web (101)
- Faculty Publications (56)
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- All HBS Web (101)
- Faculty Publications (56)
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- May 2012
- Article
Complicated Firms
By: Lauren Cohen and Dong Lou
We exploit a novel setting in which the same piece of information affects two sets of firms: one set of firms requires straightforward processing to update prices, while the other set requires more complicated analyses to incorporate the same piece of information into... View Details
Keywords: Investment Portfolio; Information; Price; Forecasting and Prediction; Complexity; Mathematical Methods
Cohen, Lauren, and Dong Lou. "Complicated Firms." Journal of Financial Economics 104, no. 2 (May 2012). (Winner of Istanbul Stock Exchange 25th Anniversary Best Paper Competition. First Prize presented by Istanbul Stock Exchange. Winner of Center for Research in Security Prices Forum. Best Paper Prize presented by University of Chicago Booth School of Business. Winner of Paul Woolley Centre for the Study of Capital Market Dysfunctionality. Academic Grant presented by Paul Woolley Centre for the Study of Capital Market Dysfunctionality. Winner of Crowell Memorial Prize For the best paper on quantitative investing presented by PanAgora Asset Management, Inc.)
- Research Summary
The Role of Financial and Information Intermediaries in the Capital Markets
Hutton's research investigates the role of financial analysts and short sellers in the pricing of equity securities. Recently, Hutton examines (with Patricia Dechow and Richard Sloan) the role of sell-side analysts' earnings forecasts in the pricing of common equity... View Details
- 19 May 2008
- Research & Ideas
Connecting School Ties and Stock Recommendations
Christopher J. Malloy, along with University of Chicago colleague Andrea Frazzini, investigated the ties between more than 1,800 sell-side analysts and the management of public firms, and the subsequent... View Details
- 13 Sep 2011
- First Look
First Look: September 13
are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on their views regarding the firm prior to being appointed to the... View Details
Keywords: Sean Silverthorne
- 13 May 2008
- First Look
First Look: May 13, 2008
Publication:Financial Analysts Journal (forthcoming) Abstract We compare the earnings forecast performance of analysts at a large buy-side firm to that of sell-side analysts.... View Details
Keywords: Martha Lagace
- 28 Aug 2012
- Working Paper Summaries
Channels of Influence
- 17 Sep 2013
- First Look
First Look: September 17
Paul Healy, George Serafeim, and Devin Shanthikumar Abstract—Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment... View Details
Keywords: Sean Silverthorne
- 06 Feb 2020
- Research & Ideas
What We Learned from Reading Jeff Bezos’ Patents
inventor We were surprised to find that Bezos was named in 154 of Amazon’s published patents (see figure). Of those patents, he was named as first inventor in 35 and was the sole inventor of 11. In the course of our research, we asked View Details
- 16 Jul 2007
- Research & Ideas
Understanding the ‘Want’ vs. ’Should’ Decision
choice to vote. Katy is also pursuing a study of the earnings forecasts made by sell-side stock analysts. Along with John, she is examining biases in the way analysts update their earnings forecasts in... View Details
- 10 Dec 2013
- First Look
First Look: December 10
August 2013 Journal of Accounting Research Private Interaction Between Firm Management and Sell-Side Analysts By: Soltes, Eugene F. Abstract—Although sell-side View Details
Keywords: Sean Silverthorne
- 27 Jul 2010
- First Look
First Look: July 27
since much of their interaction with management occurs in public. Specifically, we investigate sell-side analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find... View Details
Keywords: Martha Lagace
- 27 Mar 2018
- First Look
First Look at New Research, March 27, 2018
(benefits) for firms with weak (strong) nonfinancial performance and disclosure. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=54302 Government Incentives and Financial Intermediaries: The Case of Chinese Sell-Side... View Details
Keywords: Sean Silverthorne
- 14 Dec 2010
- First Look
First Look: Dec. 14
(Abridged):http://cb.hbsp.harvard.edu/cb/product/411066-PDF-ENG Robin Bienenstock at Sanford C. Bernstein Linda A. Hill and Dana M. TeppertHarvard Business School Supplement 411-053 Robin Bienenstock, a senior sell-side equity research... View Details
Keywords: Sean Silverthorne
- 29 Aug 2011
- Research & Ideas
Decoding Insider Information and Other Secrets of Old School Chums
information flow so easily in informal situations, this might be true in market situations as well." Sell Side School Ties In their paper Sell Side School Ties, cowritten with Andrea Frazzini, Cohen and Malloy look at school ties between View Details
- 20 Dec 2011
- First Look
First Look: December 20
its influence on team processes and performance are discussed. What Drives Sell-Side Analyst Compensation at High-Status Investment Banks? Authors:Boris Groysberg, Paul M. Healy, and David A. Maber... View Details
Keywords: Carmen Nobel
- 19 Jan 2011
- First Look
First Look: Jan. 18
culture. We also find wide variation across variables for ratings consistency among analysts covering the same firm. On average, consistency is higher for sell-side than buy-side analysts, consistent with... View Details
Keywords: Sean Silverthorne
- 15 Apr 2014
- First Look
First Look: April 15
Institutional Logics By: Ioannou, Ioannis, and George Serafeim Abstract—We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when... View Details
Keywords: Sean Silverthorne
- 25 Sep 2012
- First Look
First Look: September 25
Fund Relationships Bias Analyst Recommendations? Authors: Michael Firth, Chen Lin, Ping Liu, and Yuhai Xuan Publication: Journal of Accounting Research (forthcoming) Abstract This article investigates whether the business relations... View Details
Keywords: Sean Silverthorne
- 25 Feb 2014
- First Look
First Look: February 25
Ioannis, and George Serafeim Abstract—We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when View Details
Keywords: Sean Silverthorne
- 08 Sep 2003
- Research & Ideas
A Bold Proposal for Investment Reform
should be a nonprofit organization, with responsibility for rating the performance of financial analysts from the viewpoint of retail investors. We believe that there are costs as well as benefits from liquidity in the capital market. The... View Details