Conflict of Interest and the Credibility of Underwriter Analyst Recommendations
研究发现，承销商分析师推荐的股票表现不如独立经纪商的买入推荐，表明存在显著偏见，且市场未完全识别这种偏见，揭示了投资银行不同职能间的潜在利益冲突。
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 evidence of bias. We show also that the market does not recognize the full extent of this bias. The results suggest a potential conflict of interest inherent in the different functions that investment bankers perform.