Sell side school ties
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Author
Contributions
- Frazzini, Andrea - Contributor
- Malloy, Christopher J. - Contributor
- Harvard Business School - Contributor
Publication
2008 - Harvard Business School, Boston, Massachusetts
Language
English
Word Count
11,500 words, Guess
Page Count
46 pages
Identifiers
- OCLC Control Number219449236
- Open LibraryOL48036214M
Description
We study the impact of social networks on agents' ability to gather superior information about firms. Exploiting novel data on the educational backgrounds of sell-side equity analysts and senior officers of firms, we test the hypothesis that analysts' school ties to senior officers impart comparative information advantages in the production of analyst research. We find evidence that analysts outperform on their stock recommendations when they have an educational link to the company. A simple portfolio strategy of going long the buy recommendations with school ties and going short buy recommendations without ties earns returns of 5.40% per year. We test whether Regulation FD, targeted at impeding selective disclosure, constrained the use of direct access to senior management. We find a large effect: pre-Reg FD the return premium from school ties was 8.16% per year, while post-Reg FD the return premium is nearly zero and insignificant.
Subjects
Series Statement
- Working paper / Harvard Business School -- 08-074
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