Are there long-run implications of analyst coverage for IPOs?
- Authors
- Bradley, Daniel; Chan, Konan; Kim, Joonghyuk; Singh, Ajai
- Issue Date
- 6월-2008
- Publisher
- ELSEVIER SCIENCE BV
- Keywords
- analysts' research coverage; initial public offers; long-run performance
- Citation
- JOURNAL OF BANKING & FINANCE, v.32, no.6, pp.1120 - 1132
- Indexed
- SCIE
SCOPUS
- Journal Title
- JOURNAL OF BANKING & FINANCE
- Volume
- 32
- Number
- 6
- Start Page
- 1120
- End Page
- 1132
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/123457
- DOI
- 10.1016/j.jbankfin.2007.09.021
- ISSN
- 0378-4266
- Abstract
- Analyst coverage has been cited increasingly as an important attribute in the selection of, an underwriter for a firm about to go public. However, it has also been alleged that affiliated analysts provide biased research. In this study, we examine these interrelated issues by examining the long-run performance of IPOs with coverage from their managing underwriters in a 1993-2003 sample. We find that (1) analysts' research coverage from their managing syndicate is not related to long-run performance; (2) long-run performance is not different for firms that receive all-star analyst coverage; and (3) investors are not systematically worse off for following lead underwriter recommendations. (C) 2007 Elsevier B.V. All rights reserved.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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