Do Affiliated Analysts Mean What They Say
比较了1994-2005年间，承销商关联分析师与独立分析师的股票推荐表现，发现关联分析师的买入或持有建议表现更差，但做空其卖出建议可获得异常收益，且市场对关联分析师建议的反应存在过度或不足。
Many investors were upset with the losses they experienced by following the recommendations of stock analysts during the recent market downturn. Allegations that these recommendations were often tainted by investment banking relationships fueled their anger. This study examines the investment performance of stock recommendations made by analysts employed by lead underwriters as compared to analysts independent of investment banking. The results indicate that during the 1994-2005 time period, Buy or Hold recommendations from affiliated analysts underperform stocks recommended by Independent analysts. On the other hand, shorting their Sells earns significant abnormal returns. Announcement period returns suggest that the market over-reacts to Buys from affiliated analysts, but under-reacts to their Holds or Sells. Further analysis indicates that affiliated analyst recommendations are viewed as more credible following recent regulatory reforms.