This paper develops a taxonomy of research examining the role of financial analysts in
capital markets. The paper builds on the perspectives provided by Schipper [Schipper …

This study investigates the relationships among information uncertainty, investor sentiment,
analyst reports, and stock returns in a unified framework. The effects of analyst reports on …

We use proprietary data from a major investment bank to investigate factors associated with
analysts' annual compensation. We find compensation to be positively related to “All‐Star” …

This article develops and implements a new test to investigate whether sell-side analysts
herd around the consensus when they make stock recommendations. Our empirical results …

This paper studies short-selling prior to the release of analyst downgrades in a sample of
670 downgrades of Nasdaq stocks between 2000 and 2001. We find abnormal levels of …

This paper examines the value of analysts as industry specialists. We show analysts create
value in their recommendations mainly through their ability to rank stocks within industries …

Relatively little is known about the trading volume in derivatives relative to the volume in
underlying stocks. We study the time-series properties and the determinants of the …

We investigate the trading of institutions immediately before the release of analysts' initial
buy recommendations. We document abnormally high institutional trading volume and …

We study the effect of the Global Analyst Research Settlement and related regulations on
sell-side research. These regulations attempted to mitigate the interdependence between …

This paper analyzes the distribution of stock ratings at investment banks and brokerage firms
and examines whether these distributions can predict the profitability of analysts' …