This study investigates how brokerage revenue sources influence analysts’ compensation. Using unique Swedish datasets, I reveal several insights on how decreasing investment banking support to research departments increases the sensitivity of analyst’s pay to trading revenues. The link...

This paper studies the advisory role of the board of directors in takeovers. I develop a model in which the takeover premium and the ability of the target board to resist the takeover are endogenous. The analysis relates the influence of the board on target shareholders and the reaction of the...