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Article: Are there long-run implications of analyst coverage for IPOs?
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TitleAre there long-run implications of analyst coverage for IPOs?
 
AuthorsChan, K2 1
Bradley, D4
Kim, J3
Singh, A5
 
KeywordsAnalysts’ research coverage
Initial public offers
Long-run performance
 
Issue Date2008
 
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbf
 
CitationJournal of Banking & Finance, 2008, v. 32 n. June, p. 1120-1132 [How to Cite?]
DOI: http://dx.doi.org/10.1016/j.jbankfin.2007.09.021
 
AbstractAnalyst coverage has been cited increasingly as an important attribute in the selection of an underwriter for a firm about to go public. However, it has also been alleged that affiliated analysts provide biased research. In this study, we examine these interrelated issues by examining the long-run performance of IPOs with coverage from their managing underwriters in a 1993–2003 sample. We find that (1) analysts’ research coverage from their managing syndicate is not related to long-run performance; (2) long-run performance is not different for firms that receive all-star analyst coverage; and (3) investors are not systematically worse off for following lead underwriter recommendations.
 
ISSN0378-4266
2013 Impact Factor: 1.362
2013 SCImago Journal Rankings: 1.423
 
DOIhttp://dx.doi.org/10.1016/j.jbankfin.2007.09.021
 
DC FieldValue
dc.contributor.authorChan, K
 
dc.contributor.authorBradley, D
 
dc.contributor.authorKim, J
 
dc.contributor.authorSingh, A
 
dc.date.accessioned2010-09-06T09:07:28Z
 
dc.date.available2010-09-06T09:07:28Z
 
dc.date.issued2008
 
dc.description.abstractAnalyst coverage has been cited increasingly as an important attribute in the selection of an underwriter for a firm about to go public. However, it has also been alleged that affiliated analysts provide biased research. In this study, we examine these interrelated issues by examining the long-run performance of IPOs with coverage from their managing underwriters in a 1993–2003 sample. We find that (1) analysts’ research coverage from their managing syndicate is not related to long-run performance; (2) long-run performance is not different for firms that receive all-star analyst coverage; and (3) investors are not systematically worse off for following lead underwriter recommendations.
 
dc.identifier.citationJournal of Banking & Finance, 2008, v. 32 n. June, p. 1120-1132 [How to Cite?]
DOI: http://dx.doi.org/10.1016/j.jbankfin.2007.09.021
 
dc.identifier.doihttp://dx.doi.org/10.1016/j.jbankfin.2007.09.021
 
dc.identifier.hkuros141655
 
dc.identifier.issn0378-4266
2013 Impact Factor: 1.362
2013 SCImago Journal Rankings: 1.423
 
dc.identifier.openurl
 
dc.identifier.scopuseid_2-s2.0-43049171968
 
dc.identifier.urihttp://hdl.handle.net/10722/85639
 
dc.languageeng
 
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbf
 
dc.relation.ispartofJournal of Banking & Finance
 
dc.rightsJournal of Banking & Finance. Copyright © Elsevier BV.
 
dc.subjectAnalysts’ research coverage
 
dc.subjectInitial public offers
 
dc.subjectLong-run performance
 
dc.titleAre there long-run implications of analyst coverage for IPOs?
 
dc.typeArticle
 
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<contributor.author>Bradley, D</contributor.author>
<contributor.author>Kim, J</contributor.author>
<contributor.author>Singh, A</contributor.author>
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<description.abstract>Analyst coverage has been cited increasingly as an important attribute in the selection of an underwriter for a firm about to go public. However, it has also been alleged that affiliated analysts provide biased research. In this study, we examine these interrelated issues by examining the long-run performance of IPOs with coverage from their managing underwriters in a 1993&#8211;2003 sample. We find that (1) analysts&#8217; research coverage from their managing syndicate is not related to long-run performance; (2) long-run performance is not different for firms that receive all-star analyst coverage; and (3) investors are not systematically worse off for following lead underwriter recommendations.</description.abstract>
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Author Affiliations
  1. National Taiwan University
  2. The University of Hong Kong
  3. Korea University
  4. Clemson University
  5. Case Western Reserve University