Analyst Behavior and Underwriter Choice

Conflict of Interest and the Credibility of Underwriter Analyst Recommendations

Brokerage analysts frequently comment on and sometimes recommend companies that their firms have recently taken public. We show that stocks that underwriter analysts recommend perform more poorly than “buy” recommendations by unaffiliated brokers prior to, at the time of, and subsequent to the recommendation date. We conclude that the recommendations by underwriter analysts show significant evi...

The Behavior Analyst Today

The Behavior Analyst Today

The Behavior Analyst Today

Previous approaches to functional assessment of tic and habit disorders have centred largely around environmental contingencies or interceptive sensory processes as positive reinforcers. The current article argues rather that ongoing telic behavioral activity is functionally linked to tic onset and so type of behavioral activity and overall action plan at the time of ticcing should also be asse...

Information Uncertainty and Analyst Forecast Behavior*

Prior literature observes that information uncertainty exacerbates investor underreaction behavior. In this paper, I investigate whether, as professional investment intermediaries, sellside analysts suffer more behavioral biases in cases of greater information uncertainty. I show that greater information uncertainty predicts more positive (negative) forecast errors and subsequent forecast revis...