Is There a Quid Pro Quo between Hedge Funds and Sell-Side Equity Analysts?
April Klein, Anthony Saunders and Yu Ting Forester Wong
The Journal of Portfolio Management September 2019, 45 (6) 117-132; DOI: https://doi.org/10.3905/jpm.2019.45.6.117
April Klein
is a professor of accounting and the KPMG Faculty Fellow at New York University’s Stern School of Management in New York, NY
Anthony Saunders
is the John M. Schiff Professor of Finance at New York University’s Stern School of Management in New York, NY
Yu Ting Forester Wong
is an assistant professor of accounting at the University of Southern California’s Leventhal School of Accounting in Los Angeles, CA
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In this issue
The Journal of Portfolio Management
Vol. 45, Issue 6
September 2019
Is There a Quid Pro Quo between Hedge Funds and Sell-Side Equity Analysts?
April Klein, Anthony Saunders, Yu Ting Forester Wong
The Journal of Portfolio Management Aug 2019, 45 (6) 117-132; DOI: 10.3905/jpm.2019.45.6.117
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- Article
- Abstract
- COMPETING HYPOTHESES
- LEGAL AND INSTITUTIONAL BACKGROUND TO TIPPING
- SAMPLE SELECTION
- TRADING BEFORE THE RECOMMENDATION DATE: METHODOLOGY AND EMPIRICAL RESULTS
- SAMPLE SUMMARY STATISTICS
- REGRESSION RESULTS: FULL SAMPLE
- LINKAGES BETWEEN OPPORTUNISTIC HEDGE FUND TRADING AND ANALYSTS’ BENEFITS
- EXTERNAL ANALYSTS’ RANKINGS AND PRIME BROKER
- TESTS ON REVERSE CAUSALITY
- CONCLUSIONS
- ACKNOWLEDGMENTS
- ADDITIONAL READING
- APPENDIX
- ENDNOTES
- REFERENCES
- Supplemental
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