Nolte, Ingmar; Nolte, Sandra; Vasios, Michalis - In: Journal of Banking & Finance 49 (2014) C, pp. 424-441
We propose a new approach to examine sell-side analysts’ career concerns by relating their forecast boldness to their employers’ news flows. Specifically, we use banking sector news to proxy for the severity of career concerns. Analysts follow more closely the consensus forecast when the...