Underwriting Relationships, Analysts' Earnings Forecasts and Investment Recommendations¶
Lin, H., & McNichols, M. F. (1998). Underwriting Relationships, Analysts' Earnings Forecasts and Investment Recommendations. Journal of Accounting and Economics, 25(1), 101-127.
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Primes¶
- Conflict of Interest
- The 2008 financial crisis is often attributed partly to regulatory capture, a structural pattern that mirrors what Lin and McNichols (1998) documented inside investment banks: sell-side analysts whose firms held underwriting relationships systematically issued more favorable forecasts and recommendations for those clients.
This sourceFinds lead/co-underwriter analysts issue significantly more favorable growth forecasts and recommendations for client firms than unaffiliated analysts. Live-verified (ScienceDirect).
- The 2008 financial crisis is often attributed partly to regulatory capture, a structural pattern that mirrors what Lin and McNichols (1998) documented inside investment banks: sell-side analysts whose firms held underwriting relationships systematically issued more favorable forecasts and recommendations for those clients.
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