We analyze the information content of stock recommendations by a sell-side equity analyst when investors are uncertain about the analyst's incentives. In our model, an analyst can either be "unbiased", having incentives that are congruent with those of the investor, or "biased, having...

We develop a model of common agency with complete information and general preferences with non-transferable utility, and prove that the principales'Nash equilibrium in truthful strategies implements an efficient action.