Analyst Behavior Following IPOs: The “Bubble Period” Evidence
研究了1999-2000年IPO后一年内7400多条分析师推荐，发现静默期结束后几乎只有关联分析师启动覆盖，而之后主要是非关联分析师；在控制推荐特征和时间后，市场并未对关联分析师推荐打折，且第一年的覆盖不受抑价影响。
We examine over 7400 analyst recommendations made in the year after going public for IPOs from 1999 to 2000. Initiations of coverage at the end of the quiet period come almost exclusively from affiliated analysts, whereas initiations afterward are predominantly from unaffiliated analysts. Contrary to previous findings, we find no evidence that the market discounts recommendations from affiliated analysts once we control for recommendation characteristics and timing. Moreover, analyst coverage in the first year is not affected by underpricing, and after the flurry of initiations at the end of the quiet period, the number of analysts covering a firm during the following 11 months is unrelated to the number of managing underwriters. The Author 2006. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.