-
Steven Rosenbush, Heather Timmons, Roger O. Crockett, Christopher Palmeri, and Charles Haddad, "Inside the Telecom Game," BusinessWeek , August 5, 2002, pp. 34 “40. -
Susan Harrigan, "Merrill's Internal Workings," Newsday , May 21, 2002, p. A53. -
Marcia Vickers and Mike France, "How Corrupt Is Wall Street?" BusinessWeek , May 13, 2002, pp. 37 “42. -
Steven Rosenbush, Heather Timmons, Roger O. Crockett, Christopher Palmeri, and Charles Haddad, "Inside the Telecom Game," BusinessWeek , August 5, 2002, pp. 34 “40. -
The source of these analysts recommendation examples comes from the NASD website, http://www.nasdr.com/pdf-text/0239ntm.pdf, July 2002. -
Stephanie Smith, "How Are Analysts Changing?" Money , September 2002, p. 89. -
Justin Fox, "Learn to Manage Your Earnings and Wall Street Will Love You," Fortune , March 31, 1997, pp. 77 “80. -
Many academic articles have cited this phenomenon . For example, see Francois Degeorge, Jayendu Patel, and Richard J. Zeckhauser, "Earnings Management to Exceed Thresholds," Journal of Business 72 (1999): 1 “34. -
Paul Sloan, "Blame the Pundits," U.S. News & World Report , October 9, 2000, p. 44. -
Anup Agrawal and Sahiba Chadha, "Who Is Afraid of Reg FD? The Behavior and Performance of Sell-Side Analysts Following the SEC's Fair Disclosure Rules," University of Alabama working paper, February 2002. -
Examples of earlier academic studies that cast doubt on analysts' abilities to pick stocks are many, so we have cited just two: R. E. Diefenbach, "How Good Is Institutional Research?" Financial Analysts Journal 28 (1972): 54 “60; Dennis Logue and Donald Tuttle, "Brokerage House Investment Advice," Financial Review 8 (1973): 38 “54. -
Brad Barber, Reuven Lehavey, Maureen McNichols, and Brett Trueman, "Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns," Journal of Finance 56 (2001): 531 “563. -
Georgette Jasen, "Investment Dartboard: Readers Easily Beat Pros and Darts," Wall Street Journal , August 9, 2002, p. C10. -
Peter Elkind, "Where Mary Meeker Went Wrong," Fortune , May 14, 2001, pp. 68 “82. -
Joseph Nocera, "The Big Picture: The Cheerleader, It Wasn't Analysis That Made Merrill's Internet Stock Analyst a Star," Money , June 1, 1999, p. 71. -
Marcia Vickers and Mike France, "How Corrupt Is Wall Street?" BusinessWeek , May 13, 2002, pp. 37 “42. -
Ibid. -
Mara De Hovanesian, "How Analysts' Pay Packets Got So Fat," BusinessWeek , May 13, 2002, pp. 40 “41. -
Gretchen Morgenson, "Bullish Analyst of Tech Stocks Quits Salomon," New York Times , August 16, 2002, p. A1. -
Daniel Kadlec, "Buy (I Need the Bonus)," Time , May 20, 2002, p. 55. -
Steven Rosenbush, Heather Timmons, Roger O. Crockett, Christopher Palmeri, and Charles Haddad, "Inside the Telecom Game," BusinessWeek , August 5, 2002, pp. 34 “40. -
Marcia Vickers and Mike France, "How Corrupt Is Wall Street?" BusinessWeek , May 13, 2002, pp. 37 “42. -
Mara De Hovanesian, "How Analysts' Pay Packets Got So Fat," BusinessWeek , May 13, 2002, pp. 40 “41. -
Daniel Kadlec, "Buy (I Need the Bonus)," Time , May 20, 2002, p. 55. -
Roni Michaely and Kent L. Womack, "Conflict of Interest and the Credibility of Underwriter Analyst Recommendations," Review of Financial Studies 12 (1999): 653 “686. -
Emily Thornton, "Research Should Pay Its Own Way," BusinessWeek , June 3, 2002, p. 72. -
Steven Rosenbush, Heather Timmons, Roger O. Crockett, Christopher Palmeri, and Charles Haddad, "Inside the Telecom Game," BusinessWeek , August 5, 2002, pp. 34 “40. -
Daniel Kadlec, "Buy (I Need the Bonus)," Time , May 20, 2002, p. 55. -
Marcia Vickers and Mike France, "How Corrupt Is Wall Street?" BusinessWeek , May 13, 2002, pp. 37 “42. -
Richard Oppel, "Merrill Replaced Research Analyst Who Upset Enron," New York Times , July 30, 2002, p. A1. -
Charles Gasparino, "Merrill Replaced Its Tyco Analyst After Meeting," Wall Street Journal , September 17, 2002, p. C1. -
Peter Elkind, "Where Mary Meeker Went Wrong," Fortune , May 14, 2001, pp. 68 “82. -
Ibid. -
Marcia Vickers and Mike France, "How Corrupt Is Wall Street?" BusinessWeek , May 13, 2002, pp. 37 “42. -
Leslie Boni and Kent L. Womack, "Solving the Sell-Side Research Problem: Insights from Buy-Side Professionals," Dartmouth College working paper, August 8, 2002. -
Susanne Craig, "Securities Firms Do the Soft Sell in Their Ratings," Wall Street Journal , September 13, 2002, p. C1. |