By Jennifer Francis, Qi Chen, Donna R. Philbrick, Richard H. Willis
Many traders understand, dependent totally on anecdotal facts, that analysts don't act independently. What the authors of this examine beginning monograph offer is a systematic exploration of the facts at the nature and reasons of safety analyst conflicts. This complete and insightful research might actually help traders review the integrity of sell-side study and support regulators undertake clever regulations.
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They showed that, although the returns to affiliated analysts’ strong buy and buy recommendations are indistinguishable from the returns to similar recommendations made by unaffiliated analysts, the returns to their hold recommendations differ significantly. In particular, three-day abnormal returns following hold recommendations made by analysts employed by lead underwriters were significantly more negative than the three-day abnormal returns to hold recommendations made by unaffiliated analysts.
That is, can investors “see through” this optimism and adjust the information provided accordingly? Evidence on whether investors are able to discount the optimism in affiliated analysts’ reports goes to the heart of much of the debate concerning Reg AC; this regulation implicitly assumes that at least some investors are unable to see through the behavior of affiliated analysts. But although some investors are surely fooled by affiliated analysts’ bias, our interest lies more in whether the investing public, on average, is able to discern and correct for this bias.
Unlike the other databases reviewed, Compustat is not a source of analysts’ forecasts but a source of (actual) reported earnings. We describe the earnings figures contained in Compustat because researchers often use Compustat data for the actual (reported) earnings numbers in their studies. Compustat has traditionally reported basic and diluted EPS both before and after the effects of (as defined by GAAP) discontinued operations, extraordinary items, and the cumulative effect of accounting changes.
Security Analyst Independence by Jennifer Francis, Qi Chen, Donna R. Philbrick, Richard H. Willis