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SSRN
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Career Concerns of Banking Analysts

SSRN Electronic Journal
2017
  • 25
    Citations
  • 6,440
    Usage
  • 3
    Captures
  • 1
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Citations
    25
    • Citation Indexes
      25
  • Usage
    6,440
    • Abstract Views
      5,724
    • Downloads
      716
  • Captures
    3
    • Readers
      3
      • SSRN
        3
  • Mentions
    1
    • News Mentions
      1
      • 1
  • Ratings
    • Download Rank
      72,283

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Article Description

We study how career concerns influence banking analysts’ forecasts. Banking analysts’ first (last) earnings forecast of the year is relatively more optimistic (pessimistic) for a bank that could be their future employer. This pattern is not observed when the same analysts forecast earnings of banks unlikely to be their future employer. We use the Global Settlement as an exogenous shock on career concerns and show that this forecast pattern is more pronounced after the Settlement. Moreover, we find evidence that more biased analysts in their forecasts of potential future employers are more likely to move to a higher reputation bank.

Bibliographic Details

Joanne Horton; George Serafeim; Shan Wu

Elsevier BV

analysts; conflicts of interest; career concerns; bias; labor market; sell-side analysts

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