Financial Analysts and Their Contribution to Well-Functioning Capital Markets

(2017) Foundations and Trends® in Accounting: Vol. 11: No. 3, pp 119-191. DOI/10.1561/1400000042

72 Pages Posted: 12 Mar 2018 Last revised: 26 Mar 2018

See all articles by Mark T Bradshaw

Mark T Bradshaw

Boston College

Yonca Ertimur

University of Colorado at Boulder - Department of Accounting

Patricia C. O'Brien

University of Waterloo

Date Written: September 11, 2017

Abstract

In this paper, we discuss analysts, their roles in capital markets, regulation shocks that affected analysts in recent years, and what we can learn about these issues from academic research. We build upon well-discussed topics such as analysts’ conflicts of interest, their tendency towards optimism, and shortcomings of their research. More importantly, we emphasize the importance of contextualizing the environment in which analysts operate, who they believe to be their main recipients of their research, and where opportunities for future research exist.

Suggested Citation

Bradshaw, Mark T and Ertimur, Yonca and O'Brien, Patricia C., Financial Analysts and Their Contribution to Well-Functioning Capital Markets (September 11, 2017). (2017) Foundations and Trends® in Accounting: Vol. 11: No. 3, pp 119-191. DOI/10.1561/1400000042. Available at SSRN: https://ssrn.com/abstract=3132516

Mark T Bradshaw

Boston College ( email )

140 Commonwealth Avenue
Chestnut Hill, MA 02467
United States

Yonca Ertimur

University of Colorado at Boulder - Department of Accounting ( email )

419 UCB
Boulder, CO 80309-0419
United States

Patricia C. O'Brien (Contact Author)

University of Waterloo ( email )

200 University Avenue, West
Waterloo, Ontario N2L 3G1
Canada
1-519-888-4567 (Phone)
1-519-888-7562 (Fax)

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