The First Analyst Coverage of Neglected Stocks
研究了549只上市至少一年无分析师覆盖的“被忽视”股票，发现首次覆盖公告带来+4.86%的超常收益，正面覆盖是主因，且投资银行若与公司有业务关系会降低收益。
We examine the first analyst coverage of 549 “neglected” stocks that publicly traded at least one year without research coverage. The stocks experience a +4.86% abnormal return at initiation announcement. Positive returns are driven by positive coverage and not the mere introduction of coverage. Initiations from investment banks elicit lower announcement returns if the bank had a prior business relationship with the covered firm. Research firms paid by the covered company to provide coverage elicit announcement returns that are not significantly different from other analysts. Announcement returns are also influenced by liquidity increases and factors consistent with downward‐sloping demand curves.