Affiliated Analysts(附属分析师)研究综述
Affiliated Analysts 附属分析师 - Against this backdrop, we study how underwriter-affiliated analysts and firms’ large shareholders interact in the event of the latter’s sales of restricted shares. [1] This higher dispersion is largely driven by affiliated analysts and is associated with larger post-IPO return volatility. [2] ABSTRACT In examining the family-controlled business groups in Korea, prior literature shows that group-affiliated analysts’ forecasts are optimistically biased. [3] Using the setting of chaebol industrial organizations in Korea, which allows for the study of a unique affiliation between a chaebol group and financial analysts, we examine whether investors react to an optimistic bias in affiliated analysts’ recommendations. [4]在此背景下，我们研究了承销商附属分析师和公司大股东在后者出售限制性股票的情况下如何互动。 [1] 这种较高的分散主要是由附属分析师推动的，并且与较大的 IPO 后回报波动有关。 [2] 摘要 在考察韩国家族控制的企业集团时，先前的文献表明，集团附属分析师的预测存在乐观偏差。 [3] 利用韩国财阀产业组织的背景，研究财阀集团与金融分析师之间的独特关联，我们研究了投资者是否会对关联分析师的建议中的乐观偏见做出反应。 [4]