Underwriting relationships, analysts' earnings forecasts and investment recommendations
研究承销关系对分析师盈利预测和投资建议的影响，发现主承销商和联合承销商分析师的增长预测和建议更乐观，但盈利预测无显著差异；投资者对主承销商的“持有”建议反应更负面，暗示预期其倾向在应“卖出”时推荐“持有”。
We examine the effect of underwriting relationships on analysts' earnings forecasts and recommendations. Lead and co-underwriter analysts' growth forecasts and recommendations are significantly more favorable than those made by unaffiliated analysts, although their earnings forecasts are not generally greater. Investors respond similarly to lead underwriter and unaffiliated `Strong buy' and `Buy' recommendations, but three-day returns to lead underwriter `Hold' recommendations are significantly more negative than those to unaffiliated `Hold' recommendations. The findings suggest investors expect lead analysts are more likely to recommend `Hold' when `Sell' is warranted. The post-announcement returns following affiliated and unaffiliated analysts' recommendations are not significantly different.