MARC Record from Library of Congress

LEADER: 02080cam a22003017a 4500
001 2005615413
003 DLC
005 20050114155432.0
007 cr |||||||||||
008 050111s2004 mau sb 000 0 eng
010 $a 2005615413
040 $aDLC$cDLC$dDLC
050 00 $aHB1
100 1 $aBajari, Patrick L.
245 13 $aAn empirical model of stock analysts' recommendations$h[electronic resource] :$bmarket fundamentals, conflicts of interest, and peer effects /$cPatrick Bajari, John Krainer.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2004.
490 1 $aNBER working paper series ;$vworking paper 10665
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/11/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"In this paper we develop an empirical model of equity analyst recommendations for firms in the NASDAQ 100 during 1998-2003. In the model we allow recommendations to depend on publicly observed information, measures of an analyst's beliefs about a stock's future earnings, investment banking activity, and peer group effects which determine industry norms. To address the reflection problem, we propose a new approach to identification and estimation of models with peer effects suggested by recent work on estimating games. Our empirical results suggest that recommendations depend most heavily on publicly observable information about the stocks and on industry norms. In most of our specifications, the existence of an investment banking deal does not have a statistically significant relationship with analysts' stock recommendations"--National Bureau of Economic Research web site.
650 0 $aInvestment advisors.
700 1 $aKrainer, John.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 10665.
856 40 $uhttp://papers.nber.org/papers/W10665