| dc.contributor.author | Lidén, Erik R. | swe |
| dc.date.accessioned | 2004-11-23 | swe |
| dc.date.accessioned | 2007-02-09T11:15:32Z | |
| dc.date.available | 2007-02-09T11:15:32Z | |
| dc.date.issued | 2004 | swe |
| dc.identifier.issn | 1403-2465 | swe |
| dc.identifier.uri | http://hdl.handle.net/2077/2784 | |
| dc.description | Version updated 2007-10-18 | |
| dc.description.abstract | Excess returns for Scandinavian IPO-firm initial buy recommendations registered on the First Call database from underwriter analysts (informed analysts) for 1996-2002 were compared to those of non-underwriter
analysts (uninformed analysts). Underwriter analysts recommendations
outperformed non-underwriter analyst recommendations during the first
year after publication, yielding 28 percent higher mean excess returns.
Supporting the superior-information hypothesis and contradict earlier research, the result may be explained by two factors: (1) a lower regional
competition between banks for winning corporate finance deals in Scandinavia than the regional competition between banks in the U.S.; and (2)
an extended analyst coverage of IPO firms today than during earlier periods making it costlier for underwriter analysts to be caught with giving
positively biased buy recommendations. | swe |
| dc.format.extent | 19 pages | swe |
| dc.format.extent | 241328 bytes | |
| dc.format.mimetype | application/pdf | |
| dc.language.iso | en | swe |
| dc.relation.ispartofseries | Working Papers in Economics, nr 132 | swe |
| dc.subject | Initial public offerings; Quiet period; Stock recommendations; Underwriter analysts | swe |
| dc.title | Are Underwriter-Analysts More Informed?
Scandinavian Evidence | swe |
| dc.type.svep | Report | swe |
| dc.contributor.department | Department of Economics | swe |
| dc.gup.origin | Göteborg University. School of Business, Economics and Law | swe |
| dc.gup.epcid | 3780 | swe |
| dc.subject.svep | Economics | swe |
