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Article: Are there long-run implications of analyst coverage for IPOs?

TitleAre there long-run implications of analyst coverage for IPOs?
Authors
Chan, KBradley, DKim, JSingh, A
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
Citation
Journal 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.
Persistent Identifierhttp://hdl.handle.net/10722/85639
ISSN
0378-4266
2021 Impact Factor: 3.539
2020 SCImago Journal Rankings: 1.580
ISI Accession Number ID
WOS:000256742700018

 

DC FieldValueLanguage
dc.contributor.authorChan, Ken_HK
dc.contributor.authorBradley, Den_HK
dc.contributor.authorKim, Jen_HK
dc.contributor.authorSingh, Aen_HK
dc.date.accessioned2010-09-06T09:07:28Z-
dc.date.available2010-09-06T09:07:28Z-
dc.date.issued2008en_HK
dc.identifier.citationJournal of Banking & Finance, 2008, v. 32 n. June, p. 1120-1132en_HK
dc.identifier.issn0378-4266en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85639-
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.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbfen_HK
dc.relation.ispartofJournal of Banking & Financeen_HK
dc.rightsJournal of Banking & Finance. Copyright © Elsevier BV.en_HK
dc.subjectAnalysts’ research coverage-
dc.subjectInitial public offers-
dc.subjectLong-run performance-
dc.titleAre there long-run implications of analyst coverage for IPOs?en_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-4266&volume=32 &issue=June&spage=1120&epage=1132&date=2008&atitle=Are+there+long-run+implications+of+analyst+coverage+for+IPOs?+en_HK
dc.identifier.emailChan, K: konan@business.hku.hken_HK
dc.identifier.authorityChan, K=rp01047en_HK
dc.identifier.doi10.1016/j.jbankfin.2007.09.021-
dc.identifier.scopuseid_2-s2.0-43049171968-
dc.identifier.hkuros141655en_HK
dc.identifier.isiWOS:000256742700018-
dc.identifier.issnl0378-4266-

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