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All HBS Web
(1,120)
- People (3)
- News (215)
- Research (654)
- Events (3)
- Multimedia (5)
- Faculty Publications (409)
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- Research Summary
Analyst Disagreement, Forecast Bias and Stock Returns
We present evidence of inefficient information processing in
equity markets by documenting that biases in analysts' earnings
forecasts are reflected in stock prices. In particular, investors
fail to account for analysts' tendency to withhold negative views
and to issue...
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- 2011
- Chapter
The Analyst Recommendation and Earnings Forecast Anomaly
By: George Serafeim
Serafeim, George. "The Analyst Recommendation and Earnings Forecast Anomaly." Chap. 3 in The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies, edited by Len Zacks, 63–91. John Wiley & Sons, 2011.
- December 2007
- Article
The Roles of Task-Specific Experience and Innate Ability in Understanding Analyst Performance
By: Michael B. Clement, Lisa Koonce and Thomas Lopez
Considerable debate exists about what analyst experience measures and whether analysts learn from their experiences. Extant research has argued that once innate ability is considered, analysts’ general and firm-specific experiences are not relevant to understanding...
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Keywords:
Experience and Expertise;
Learning;
Performance Evaluation;
Forecasting and Prediction;
Financial Services Industry
Clement, Michael B., Lisa Koonce, and Thomas Lopez. "The Roles of Task-Specific Experience and Innate Ability in Understanding Analyst Performance." Journal of Accounting & Economics 44, no. 3 (December 2007): 378–398.
- April 2006
- Article
Which Types of Analyst Firms Are More Optimistic?
By: Amanda Paige Cowen, Boris Groysberg and Paul Healy
Keywords:
Business Ventures
Cowen, Amanda Paige, Boris Groysberg, and Paul Healy. "Which Types of Analyst Firms Are More Optimistic?" Journal of Accounting & Economics 41, nos. 1-2 (April 2006): 119–146. (Winner of Emerald Management Reviews. Citation of Excellence.)
- 2002
- Other Unpublished Work
Employee Stock Options: A Roadmap for Analysts and Investors
By: Michael B. Clement and Abby Joseph Cohen
- 2009
- Other Unpublished Work
When Do Analysts Add Value? Evidence from Corporate Spinoffs
By: Emilie Feldman, Stuart Gilson and Belen Villalonga
Feldman, Emilie, Stuart Gilson, and Belen Villalonga. "When Do Analysts Add Value? Evidence from Corporate Spinoffs." December 2009.
- 30 Jun 2016
- Working Paper Summaries
The Dyadic Ties of Managers and Financial Analysts and Their Externality on a Firm's Information Environment
- Article
Analysts and Information Gaps: Lessons From the UAL Buyout
By: S. C. Gilson
Gilson, S. C. "Analysts and Information Gaps: Lessons From the UAL Buyout." Financial Analysts Journal 56, no. 6 (November–December 2000): 82–110.
- 2009
- Working Paper
Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets.
By: Francois Brochet, Gregory S. Miller and Suraj Srinivasan
We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a...
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Keywords:
Business and Stakeholder Relations;
Capital Markets;
Decisions;
Managerial Roles;
Financial Institutions;
Investment;
Market Participation;
Public Ownership;
Relationships
Brochet, Francois, Gregory S. Miller, and Suraj Srinivasan. "Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets." American Accounting Association Financial Accounting and Reporting Section Paper, August 2009. (Forthcoming, The Accounting Review, March 2014.)
- 2003
- Article
The Influence of Culture and Corporate Governance on the Characteristics that Distinguish Superior Analysts
By: Michael B. Clement, Lynn Rees and Edward Swanson
We identify characteristics of financial analysts that have been shown to be associated with relative forecast accuracy in the United States and examine these characteristics within 10 countries. We find that relative forecast accuracy is influenced by years of...
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Clement, Michael B., Lynn Rees, and Edward Swanson. "The Influence of Culture and Corporate Governance on the Characteristics that Distinguish Superior Analysts." Journal of Accounting, Auditing & Finance 18, no. 4 (2003): 593–618.
- 1998
- Other Unpublished Work
Information Needs of Analysts and Investors in the French Capital Markets
By: Robert G. Eccles Jr. and Patrick Frotiee
- 24 Sep 2008
- Working Paper Summaries
CEO and CFO Career Penalties to Missing Quarterly Analysts Forecasts
- October 2008
- Article
Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations
By: James Westphal and Michael B. Clement
We examine how the disclosure of negative firm information may prompt top executives to render personal and professional favors for security analysts, who may reciprocate by rating firms relatively positively. We further examine how negative ratings may prompt...
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Westphal, James, and Michael B. Clement. "Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations." Academy of Management Journal 51, no. 5 (October 2008): 873–897.
- October 2007
- Article
The Influence of Financial Statement Recognition and Analyst Coverage on the Market's Valuation of R&D Capital
By: Michael D. Kimbrough
Statement of Financial Accounting Standards 141 (SFAS No. 141)'s requirement that an acquirer in a business combination estimate the fair value of the target's separately identifiable assets and liabilities (including research and development capital) provides a rare...
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- 2003
- Other Unpublished Work
Analyzing ESO and Pension Footnotes: A Roadmap for Analysts and Investors
By: Michael B. Clement, Michael A. Moran and Abby Joseph Cohen
- 29 Mar 2018
- Working Paper Summaries
Government Incentives and Financial Intermediaries: The Case of Chinese Sell-Side Analysts
- 2015
- Working Paper
Client Service, Compensation, and the Sell-Side Analyst Objective Function: An Empirical Analysis of Relational Incentives in the Investment-Research Industry
By: David A. Maber, Boris Groysberg and Paul M. Healy
This paper investigates how sell-side analysts build and sustain their client networks; the economic gains to successfully managing this challenge; and the metrics through which these incentives are delivered. In a typical semiannual period, the average analyst...
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Keywords:
Networks;
Measurement and Metrics;
Operations;
Customer Focus and Relationships;
Jobs and Positions
Maber, David A., Boris Groysberg, and Paul M. Healy. "Client Service, Compensation, and the Sell-Side Analyst Objective Function: An Empirical Analysis of Relational Incentives in the Investment-Research Industry." Working Paper, 2015.
- Research Summary
Wall Street Research
By: Paul M. Healy
Wall Street research helps to support a well-functioning capital market by providing investors with information about investment opportunities, and corporate issuers with liquidity for their stocks. Yet surprisingly little is known about how Wall Street research... View Details
- 2021
- Article
An Empirical Examination of Sell-Side Brokerage Analysts' Published Research, Concierge Services, and High-Touch Services
By: David A. Maber, Boris Groysberg and Paul M. Healy
This paper uses a proprietary panel dataset to categorize and quantify the activities that sell-side brokerage analysts use to build and sustain their network of buy-side client relations. We then examine the marginal impact of these activities on key analyst outcome...
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Maber, David A., Boris Groysberg, and Paul M. Healy. "An Empirical Examination of Sell-Side Brokerage Analysts' Published Research, Concierge Services, and High-Touch Services." European Accounting Review 30, no. 4 (2021): 827–853.
- December 2008
- Article
The Teaching of Strategy: From General Manager to Analyst and Back Again?
By: Joseph L. Bower
Courses in strategy are an outgrowth of the business policy course first taught at Harvard Business School in 1912. This article examines how the teaching of a course concerned with the development and implementation of the goals and policies of a firm changed during...
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Keywords:
Business Education;
Curriculum and Courses;
Teaching;
Policy;
Business History;
Strategy;
Competitive Strategy;
Corporate Strategy
Bower, Joseph L. "The Teaching of Strategy: From General Manager to Analyst and Back Again?" Journal of Management Inquiry 17, no. 4 (December 2008).