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Independent investment research analysts versus investment bank-brokerage research analysts: Differences in recommendations based on environment and situations.

机译：独立投资研究分析师与投资银行经纪研究分析师：基于环境和情况的建议差异。

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摘要

In a recent study by Craig Dunbar (1999) of calls made, over three years, by US investment dealers to companies which had gone public and their recommendations made after that date, 37% of the buy recommendations reversed within one year. The work by Michaely and Womack (2000) has clearly shown that investment banking research is biased. Investment bank research analysts and their firms, working as underwriters, talk about their clients' stocks to boost share prices and to help sell them. Some of this is done out of fear of being passed over for future lucrative investment underwriting deals or being locked out of valuable key company information. In 2000, Thomson/First Call reported that only 1% of the 28,000 stocks recommended were sells; 24% were holds; and 75% were buys (Biller, 2001). The world of investment research is being plagued with questions regarding the validity of the information being reported to the public. Investment bank research analysts and their firms are being accused of inflating recommendations. The recent investment scandals and burst of the Internet bubble has caused some retail investors to seek the advice of independent research analysts. Retail investors want reliable investment information to assist them in making investment decisions.; This work looks at analysts' recommendations made by independent research versus investment banking research analysts. It investigates the hypothesis that Investars™, an online independent research firm, provides more objective buy/sell recommendations than Wall Street brokerage firms for the Dow Jones 30 companies. It also investigates the hypothesis that Investars™ is more likely to alter its buy/sell recommendations with a stock decrease of 20% or more. The work shows the asymmetry of analysts' recommendations and decisions after a significant event and provides a recommendation matrix. It adds to the current literature in that: (1) it addresses the needs of the retail investor by providing information about alternatives to ground-based, non-brokerage and regional and national brokerage firms through the use of online independent research, (2) it discusses the accessibility of online independent research and its viability, and (3) it provides a comparative of information being retrieved from Investars™ versus First Call.
机译：在克雷格·邓巴（Craig Dunbar）（1999）最近的一项研究中，美国投资交易商对上市公司进行了三年多的电话会议，并提出了在该日期之后提出的建议，其中37％的购买建议在一年之内被撤消。 Michaely and Womack（2000）的工作清楚地表明，投资银行业务研究存在偏见。作为承销商的投资银行研究分析师和他们的公司谈论他们的客户股票以提振股价并帮助出售它们。之所以这样做，是因为担心会被将来有利可图的投资承销交易所取代，或者被宝贵的重要公司信息所束缚。在2000年，Thomson / First Call报告称，推荐的28,000只股票中只有1％是卖出的；持有24％；有75％是被购买的（Biller，2001）。投资研究的世界正困扰着有关向公众报告的信息的有效性的问题。投资银行研究分析师及其公司被指控夸大建议。最近的投资丑闻和互联网泡沫的破灭使一些散户投资者寻求独立研究分析师的建议。散户投资者需要可靠的投资信息来帮助他们做出投资决策。这项工作着眼于独立研究与投资银行研究分析师提出的分析师建议。它调查了这样一个假设：在线独立研究公司Investars™比道琼斯30家公司的华尔街经纪公司提供更客观的买入/卖出建议。它还研究了以下假设：Investars™更有可能改变其购买/出售建议，库存减少20％或更多。该工作显示了重大事件后分析师的建议和决策的不对称性，并提供了建议矩阵。它为当前文献增加了以下内容：（1）通过使用在线独立研究提供有关地面，非经纪，区域和国家经纪公司的替代方案的信息，从而满足了散户投资者的需求，（2）它讨论了在线独立研究的可访问性及其可行性，并且（3）比较了从Investars™与First Call检索到的信息。

著录项

  • 作者

    Baugh, Clifford Y.;

  • 作者单位

    Nova Southeastern University.;

  • 授予单位 Nova Southeastern University.;
  • 学科 Economics Finance.; Business Administration Accounting.; Business Administration Banking.
  • 学位 D.B.A.
  • 年度 2003
  • 页码 94 p.
  • 总页数 94
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;财务管理、经济核算;金融、银行;
  • 关键词

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