Do brokers manage the distribution of stock recommendations?
研究经纪人是否以及如何管理股票推荐的分发，发现当某季度买入推荐比例过高时，下季度会显著减少，且这种管理影响推荐的信息含量。
Abstract This study examines whether and how brokers manage the distribution of their stock recommendations. We document that if a broker's percentage of buy recommendations in a quarter is substantially higher than its target level, the broker issues significantly fewer buy recommendations than other brokers in the following quarter. This evidence remains robust after controlling for mean reversion in the data and varies systematically with brokers' expected benefits and costs of managing the distribution. Exploring possible methods to manage the distribution, we find evidence suggesting that brokers alter the timing of recommendation initiations and reiterations, and shift recommendations between adjacent quarters. Finally, we show that distribution management affects the informativeness of stock recommendations in the market.