作者：Gallo, Lindsey; Labro, Eva; Omartian, James d.
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We investigate the dynamics of internal forecasting in multi-location firms and the relations between forecast characteristics and investment. Using U.S. Census microdata on plant-level growth expectations, we find that plants within multi-location firms make forecasts that are both more certain and less accurate than those of standalone plants. We provide evidence suggesting that headquarters infers uncertainty from inter-plant forecast disagreement, and that headquarters is able to facilitat...
作者：Zhang, Biwen
作者单位：University of California System; University of California Berkeley
摘要：Sell-side analysts commonly transition to buy-side money managers. I examine whether and how these career transitions shape sell-side analysts' behavior, relying on the granular career information of 6,310 analysts in the United States. I identify analysts who transition from the sell-side to the buy-side and find that these analysts issue inflated recommendations on stocks of interest to their future buy-side employers. This favoritism is (1) present only during the year preceding their trans...
