Given important market and regulatory changes over the past two decades, we re-examine the relation between IPO pricing and coverage by sell-side stock analysts. Our design builds on the well-documented finding of the partial adjustment phenomenon, in that the IPO offer price revision following...

This paper examines analysts’ forecast timing when issuing negative opinions. We are motivated by the literature’s finding that management withholds bad news. This censoring causes good news to be more abundant but relatively uninformative. Our theory predicts that analysts treat observed...

This paper examines analysts’ forecast timing when issuing negative opinions. We are motivated by the literature’s finding that management withholds bad news. This censoring causes good news to be more abundant but relatively uninformative. Our theoretical model predicts that analysts treat...

This paper examines analysts’ forecast timing when issuing negative opinions. We are motivated by two findings in the literature. One finding is that management tends to withhold bad news, which would result in good news being more abundant but relatively uninformative and bad news with the...

We hypothesize that connections with buy-side analysts provide a sell-side analyst with private information generated by the buy-side that enhances the quality of sell-side research. We proxy for these connections with the number of stocks at the intersection of stocks held in the portfolios of...