کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960075 | 929406 | 2006 | 34 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Strength of analyst coverage following IPOs
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
Firms with poor aftermarket performance are given higher target prices and are more likely to receive strong buy recommendations, especially by analysts affiliated with the lead underwriter. This favorable coverage is relatively short lived, typically lasting less than six months. Controlling for the quantity of coverage received, stock prices of newly public firms increase more when the target price ratio is high and recommendation is a strong buy. These results suggest that when a firm goes public, underwriter-affiliated analysts provide protection in the form of “booster shots” of stronger coverage if the firm experiences poor aftermarket stock performance.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 82, Issue 1, October 2006, Pages 1–34
Journal: Journal of Financial Economics - Volume 82, Issue 1, October 2006, Pages 1–34
نویسندگان
Christopher James, Jason Karceski,