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Underwriting business, trading volum...

Zhang, Yong.

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Underwriting business, trading volume and analyst career concern.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Underwriting business, trading volume and analyst career concern./
Author:	Zhang, Yong.
Description:	100 p.
Notes:	Adviser: Ross L. Watts.
Contained By:	Dissertation Abstracts International67-04A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3213216
ISBN:	9780542637933

Underwriting business, trading volume and analyst career concern.
Zhang, Yong.

Underwriting business, trading volume and analyst career concern. - 100 p.

Adviser: Ross L. Watts.

Thesis (Ph.D.)--University of Rochester, 2006.

Despite all the arguments that the compensation structure of analysts causes analysts to be overly optimistic in their earnings forecasts, two links are missing from the existing research. The first missing link relates analyst compensation to their job performance in terms of underwriting fees and trading commissions. The second missing link relates the importance of underwriting fees to the incentives for analysts to be overly optimistic. This paper provides empirical evidence on these two links.

ISBN: 9780542637933Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Underwriting business, trading volume and analyst career concern.
LDR:02339nam 2200277 a 45 001 967883
005 20110915
008 110915s2006 eng d
020 $a 9780542637933
035 $a (UMI)AAI3213216
035 $a AAI3213216
040 $a UMI $c UMI
100 1 $a Zhang, Yong. $3 718280
245 1 0 $a Underwriting business, trading volume and analyst career concern.
300 $a 100 p.
500 $a Adviser: Ross L. Watts.
500 $a Source: Dissertation Abstracts International, Volume: 67-04, Section: A, page: 1420.
502 $a Thesis (Ph.D.)--University of Rochester, 2006.
520 $a Despite all the arguments that the compensation structure of analysts causes analysts to be overly optimistic in their earnings forecasts, two links are missing from the existing research. The first missing link relates analyst compensation to their job performance in terms of underwriting fees and trading commissions. The second missing link relates the importance of underwriting fees to the incentives for analysts to be overly optimistic. This paper provides empirical evidence on these two links.
520 $a First, I test hypotheses that relate analyst job performance to career outcomes, where job performance is measured by an analyst's contribution to generating underwriting business and trading commissions and career outcome is measured by an analyst's movements up or down the brokerage house hierarchy or disappearance from the I/B/E/S universe. I find that the measures of analyst performance are positively associated with an analyst's career outcomes. However, with regard to the second missing link, empirical analysis fails to provide support for the conjecture that analyst optimism helps underwriting performance; on the contrary, more optimistic analysts show significantly worse future underwriting performance. By providing evidence on the validity of competing theories that imply incentives for analysts to bias their forecasts upwards, this paper contributes to the ongoing debate on the source(s) of the apparent optimistic bias observed in analyst forecasts.
590 $a School code: 0188.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 0 $a University of Rochester. $3 515736
773 0 $t Dissertation Abstracts International $g 67-04A.
790 $a 0188
790 1 0 $a Watts, Ross L., $e advisor
791 $a Ph.D.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3213216