Does Competition Induce Analyst Effort? Evidence from a Natural Experiment of Broker Mergers
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DOI: 10.1016/j.jbankfin.2020.105914
Abstract: Abstract Hong and Kacperczyk (2010) document that decreases in analyst competition due to broker mergers encourage analysts to please managers, leading to greater consensus optimism bias. We propose three additional effects of analyst competition. The… read more here.
Keywords: competition; analyst effort; analyst; broker mergers ... See more keywords