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Download working paper http ssrn abstract Career Concerns of Banking Analysts By Horton Joanne George Serafeim and Shan Wu ABSTRACT—We study how career concerns influence banking analysts forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking analysts issue early in the year relatively more optimistic and later in the year more pessimistic forecasts for banks that could be their future employers.
This pattern is not observed when the same analysts forecast earnings of companies that are not likely to be their future employers. as an exogenous shock which limited outside opportunities and therefore exacerbated career concerns and show that this forecast pattern is more pronounced Ukraine Mobile Number List after the Settlement. Both analysts and bank executives benefit from this behavior. Analysts issuing more biased forecasts for potential future employers are more likely to face favorable career outcomes and bank executives appear to profit from the analysts bias since the bias is associated with higher levels of insider trading.
Our results highlight the bias created by asking analysts to rate their outside opportunities in the labor market. Download working paper http ssrn abstract CASES COURSE MATERIALS HARVARD BUSINESS SCHOOL CASE Governing the Chinese Dream Corruption Inequality and the Rule of Law Xi Jinping assumed his position as head of China s fifth generation of leaders in.
This pattern is not observed when the same analysts forecast earnings of companies that are not likely to be their future employers. as an exogenous shock which limited outside opportunities and therefore exacerbated career concerns and show that this forecast pattern is more pronounced Ukraine Mobile Number List after the Settlement. Both analysts and bank executives benefit from this behavior. Analysts issuing more biased forecasts for potential future employers are more likely to face favorable career outcomes and bank executives appear to profit from the analysts bias since the bias is associated with higher levels of insider trading.
Our results highlight the bias created by asking analysts to rate their outside opportunities in the labor market. Download working paper http ssrn abstract CASES COURSE MATERIALS HARVARD BUSINESS SCHOOL CASE Governing the Chinese Dream Corruption Inequality and the Rule of Law Xi Jinping assumed his position as head of China s fifth generation of leaders in.