Institutional pressure and analyst behavior: Evidence from the financial sector
研究发现，金融部门中投资银行分析师比独立研究机构的分析师提供更偏颇的建议和更不准确的预测，且这种偏差源于机构环境而非个人偏见。
Abstract This study examines the impact of employment background on the objectivity of profitability forecasts in the financial sector. We find that investment bank analysts provide relatively biased recommendations and less accurate forecasts than their counterparts at independent research firms (IRFs). The performance discrepancy is greater for bulge bracket banks and for firms involved in syndication with the analysts' employers. A closer look at analysts transitioning between IRFs and investment banks reveals that these biases stem from their affiliation with investment banks rather than personal bias. Our findings emphasize the critical influence of the work environment on analyst behavior.