作者：Christensen, Dane M.; Mikhail, Michael B.; Walther, Beverly R.; Wellman, Laura A.
作者单位：University of Oregon; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Northwestern University; Utah System of Higher Education; University of Utah
摘要：In this study, we examine whether sell-side security analysts gain access to value-relevant information through political connections. We measure analysts' political connections based on political contributions at the brokerage-house level. We argue that if brokerages are able to obtain private information through their political connections, then analysts at politically connected brokerages should issue more profitable stock recommendations, and this increased profitability should be more pro...
