首次公开发行
审查
收益
质量(理念)
会计
业务
经济
精算学
计量经济学
财务
政治学
认识论
哲学
法学
作者
Mark T. Bradshaw,Michael S. Drake,Joseph Pacelli,Brady J. Twedt
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2022-12-07
卷期号:69 (11): 7079-7094
被引量:9
标识
DOI:10.1287/mnsc.2022.4610
摘要
We examine how brokerage firm initial public offerings (IPOs) influence the research quality of sell-side analysts employed by the brokerage. Our main results focus on earnings forecast bias and absolute forecast errors as proxies for research quality. Using a staggered difference-in-differences analysis, we document significant decreases in forecast bias and absolute forecast error during the two-year period centered on the analysts’ brokerage house IPO. In additional analyses, we explore several potential explanations for the short-term benefits of brokerage house IPOs. We find some evidence that IPOs delay the departure of more talented analysts and that the effects are more concentrated among analysts and brokers that face more scrutiny. This paper was accepted by Brian Bushee, accounting. Supplemental Material: Data are available at https://doi.org/10.1287/mnsc.2022.4610 .
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