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The Journal of Portfolio Management

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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
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Anthony Saunders
is the John M. Schiff Professor of Finance at New York University’s Stern School of Management in New York, NY
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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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The Journal of Portfolio Management: 45 (6)
The Journal of Portfolio Management
Vol. 45, Issue 6
September 2019
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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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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
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