We provide new evidence on individual analysts' differential abilities to forecast firm value. In matched sample analyses, we find that independent analysts' target prices perform well in predicting future price relative to investment-bank analysts. Our evidence suggests that independent...

In this study, we examine whether sell-side security analysts gain access to value relevant information through political connections. We measure analysts' political connections based on political contributions at the brokerage house level. We argue that if brokerages are able to obtain private...