Sell‐Side Analyst Research and Reported Conflicts of Interest
利用一家大型投资银行报告的利益冲突独特数据集，研究了利益冲突与卖方分析师在设定目标价和股票推荐中的行为之间的关系，发现同时商业联系数量与乐观情绪正相关，且存在利益冲突的股票风险调整后收益较低。
Abstract Using a unique dataset of conflicts of interest reported by a large investment bank, we examine the relationship between conflicts of interests and sell‐side analysts’ behaviour in setting target prices and stock recommendations. We demonstrate that the aggregate number of simultaneous business ties with a subject company is positively associated with optimism in target prices and recommendations. Furthermore, the results provide some indication that stocks for which conflicts of interests exist earn lower risk‐adjusted returns than unconflicted stocks. However, we find no evidence that investors discount the value of sell‐side analysts’ research with respect to the prevailing level of conflicts .