Common Ownership and Analyst Forecasts

References

• Appel, I., Gormley, T., & Keim, D. (2019). Standing on the shoulders of giants: The effect of passive investors on activism. Review of Financial Studies, 32(7), 2720–2774.
   Web of Science ®Google Scholar
• Azar, J., Schmalz, M., & Tecu, I. (2018). Anti-competitive effects of common ownership. The Journal of Finance, 73(4), 1513–1565.
   Web of Science ®Google Scholar
• Bae, K.-H., Stulz, R. M., & Tan, H. (2008). Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts. Journal of Financial Economics, 88(3), 581–606.
   Web of Science ®Google Scholar
• Barroso, R., Ben Ali, C., & Lesage, C. (2018). Blockholders’ ownership and audit fees: The impact of the corporate governance model. European Accounting Review, 27(1), 149–172.
   Web of Science ®Google Scholar
• Barth, M., Kasznik, R., & McNichols, M. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39(1), 1–34.
   Web of Science ®Google Scholar
• Becht, M., Franks, J., Mayer, C., & Rossi, S. (2009). Returns to shareholder activism: Evidence from a clinical study of the hermes UK focus fund. The Review of Financial Studies, 22(8), 3093–3129.
   Web of Science ®Google Scholar
• Bigus, J., & Häfele, S. (2018). Shareholder loans and earnings smoothing—empirical findings from German private firms. European Accounting Review, 27(1), 37–74.
   Web of Science ®Google Scholar
• Bradshaw, M., Huang, A., & Tan, H. (2019). The effects of analyst-country institutions on biased research: Evidence from target prices. Journal of Accounting Research, 57(1), 85–120.
   Web of Science ®Google Scholar
• Bushee, B., & Goodman, T. (2007). Which institutional investors trade based on private information about earnings and return. Journal of Accounting Research, 45(9), 289–322.
   Google Scholar
• Call, A. C., Chen, S., & Tong, Y. H. (2009). Are analysts’ earnings forecasts more accurate when accompanied by cash flow forecasts? Review of Accounting Studies, 14(2), 358–391.
   Web of Science ®Google Scholar
• Chan, J., Lin, S., Yu, Y., & Zhao, W. (2018). Analysts’ stock ownership and stock recommendations. Journal of Accounting and Economics, 66(2–3), 476–498.
   Web of Science ®Google Scholar
• Cheng, Q., Du, F., Wang, X., & Wang, Y. (2016). Seeing is believing: Analysts’ corporate site visits. Review of Accounting Studies, 21(4), 1245–1286.
   Web of Science ®Google Scholar
• Cheong, F., & Thomas, J. (2011). Why do EPS forecast error and dispersion not vary with scale? Implications for analyst and managerial behavior. Journal of Accounting Research, 49(2), 359–401.
   Web of Science ®Google Scholar
• Cheynel, E., & Levine, C. (2020). Public disclosures and information asymmetry: A theory of the mosaic. The Accounting Review, 95(1), 79–99.
   Web of Science ®Google Scholar
• Chiu, P. C., Lourie, B., Nekrasov, A., & Teoh, S. H. (2021). Cater to thy client: Analyst responsiveness to institutional investor attention. Management Science, 67(12), 7455–7471.
   Web of Science ®Google Scholar
• Clement, M. (1999). Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? Journal of Accounting and Economics, 27, 285–303.
   Web of Science ®Google Scholar
• Dechow, P., & Dichev, I. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(s-1), 35–59.
   Web of Science ®Google Scholar
• deHaan, E. (2021). Using and interpreting fixed effects models. Working paper, University of Washington.
   Google Scholar
• Edmans, A., Levit, D., & Reilly, D. (2018). Governance under common ownership. Review of Financial Studies, 32(7), 2673–2719.
   Web of Science ®Google Scholar
• Elhauge, E. (2015). Horizontal shareholding. Harvard Law Review, 129, 1267–1317.
   Web of Science ®Google Scholar
• Federal Trade Commission. (2018). Ftc hearing #8: Common ownership hearings on competition and consumer protection in the 21st century. December, 6, 2018.
   Google Scholar
• Feng, M., Li, C., & McVay, S. (2009). Internal control and management guidance. Journal of Accounting and Economics, 48(2), 190–209.
   Web of Science ®Google Scholar
• Fichtner, J., Heemskerk, E., & Garcia-Bernardo, J. (2017). Hidden power of the big three? Passive index funds, re-concentration of corporate ownership, and new financial risk. Business and Politics, 19(2), 298–326.
   Web of Science ®Google Scholar
• Fiechter, P., Halberkann, J., & Meyer, C. (2018). Determinants and consequences of a voluntary turn away from IFRS to local GAAP: Evidence from Switzerland. European Accounting Review, 27(5), 955–989.
   Web of Science ®Google Scholar
• Freeman, K. (2018). The effects of common ownership on customer-supplier relationships. Working paper. University of Indiana.
   Google Scholar
• Gao, F., Dong, Y., Ni, C., & Fu, R. (2016). Determinants and economic consequences of non-financial disclosure quality. European Accounting Review, 25(2), 287–317.
   Web of Science ®Google Scholar
• Gaspar, J., Massa, M., & Matos, P. (2005). Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, 76(1), 135–165.
   Web of Science ®Google Scholar
• Ge, X., Bilinski, P., & Kraft, A. (2021). Institutional blockholders and voluntary disclosure. European Accounting Review, 30(5), 1013–1042.
   Web of Science ®Google Scholar
• Gormley, T., & Matsa, D. (2014). Common errors: How to (and not to) control for unobserved heterogeneity. Review of Financial Studies, 27(2), 617–661.
   Web of Science ®Google Scholar
• Harford, J., Jiang, F., Wang, R., & Xie, F. (2019). Analyst career concerns, effort allocation, and firms’ information environment. Review of Financial Studies, 32(6), 2179–2224.
   Web of Science ®Google Scholar
• He, J., & Huang, J. (2017). Product market competition in a world of cross-ownership: Evidence from institutional blockholdings. The Review of Financial Studies, 30(8), 2674–2718.
   Web of Science ®Google Scholar
• He, J., Huang, J., & Zhao, S. (2019). Internalizing governance externalities: The role of institutional cross-ownership. Journal of Financial Economics, 134(2), 400–418.
   Web of Science ®Google Scholar
• He, J., Li, L., & Yeung, P. E. (2020a). Two tales of monitoring: Effects of institutional cross-blockholding on accruals. Working paper. University of Georgia and Cornell University.
   Google Scholar
• He, W., Jackson, A., & Li, C. (2020b). Hierarchy and performance of analyst teams. European Accounting Review, 29(5), 877–900.
   Web of Science ®Google Scholar
• Jennings, J., Lee, J., & Matsumoto, D. (2017). The effect of industry co-location on analysts’ information acquisition costs. The Accounting Review, 92(6), 103–127.
   Web of Science ®Google Scholar
• Jung, W., & Kwon, Y. (1988). Disclosures when the market is unsure of information endowment of managers. Journal of Accounting Research, 26(1), 146–153.
   Web of Science ®Google Scholar
• Kadan, O., Madureira, L., Wang, R., & Zach, T. (2009). Conflicts of interest and stock recommendations: The effects of the Global Settlement and related regulation. Review of Financial Studies, 22(10), 4189–4217.
   Web of Science ®Google Scholar
• Kedia, S., Rajgopal, S., & Zhou, X. (2017). Large shareholders and credit ratings. Journal of Financial Economics, 124(3), 632–653.
   Web of Science ®Google Scholar
• Kini, O., Mian, S., Rebello, M., & Venkateswaran, A. (2009). On the structure of analyst research portfolios and forecast accuracy. Journal of Accounting Research, 47(4), 867–909.
   Web of Science ®Google Scholar
• Klettke, T., Homburg, C., & Gell, S. (2015). How to measure analyst forecast effort. European Accounting Review, 24(1), 129–146.
   Web of Science ®Google Scholar
• Lang, M. H., & Lundholm, R. J. (1996). Corporate disclosure policy and analyst behavior. The Accounting Review, 71(4), 467–492.
   Web of Science ®Google Scholar
• Lewellen, K., & Lowry, M. (2021). Does common ownership really increase firm coordination? Journal of Financial Economics, 141(1), 322–344.
   Web of Science ®Google Scholar
• Li, Z., Wong, T. J., & Yu, G. (2020). Information dissemination through embedded financial analysts: Evidence from China. The Accounting Review, 95(2), 256–281.
   Web of Science ®Google Scholar
• Maber, D., Groysberg, B., & Healy, P. (2014). The use of broker votes to reward brokerage firms’ and their analysts’ research activities. Working paper, Harvard business school.
   Google Scholar
• Malmendier, U., & Shanthikumar, D. (2014). Do security analysts speak in two tongues? The Review of Financial Studies, 27(5), 1287–1322.
   Web of Science ®Google Scholar
• Massa, M., & Žaldokas, A. (2017). Information transfers among co-owned firms. Journal of Financial Intermediation, 31, 77–92.
   Web of Science ®Google Scholar
• Matvos, G., & Ostrovsky, M. (2008). Cross-ownership, returns, and voting in mergers. Journal of Financial Economics, 89(3), 391–403.
   Web of Science ®Google Scholar
• Mayew, W. J. (2008). Evidence of management discrimination among analysts during earnings conference calls. Journal of Accounting Research, 46(3), 627–659.
   Web of Science ®Google Scholar
• McCahery, J., Sautner, Z., & Starks, L. (2016). Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance, 71(6), 2905–2932.
   Web of Science ®Google Scholar
• Mehran, H., & Stulz, R. (2007). The economics of conflicts of interest in financial institutions. Journal of Financial Economics, 85(2), 267–296.
   Web of Science ®Google Scholar
• Mola, S., & Guidolin, M. (2009). Affiliated mutual funds and analyst optimism. Journal of Financial Economics, 93(1), 108–137.
   Web of Science ®Google Scholar
• Park, J., Sani, J., Shroff, N., & White, H. (2019). Disclosure incentives when competing firms have common ownership. Journal of Accounting and Economics, 67(2–3), 387–415.
   Web of Science ®Google Scholar
• Petersen, M. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. The Review of Financial Studies, 22(1), 435–480.
   Web of Science ®Google Scholar
• Phillips, P. C. B., & Sul, D. (2007). Bias in dynamic panel estimation with fixed effects, incidental trends and cross section dependence. Journal of Econometrics, 137(1), 162–188.
   Web of Science ®Google Scholar
• Schmalz, M. (2018). Common-ownership concentration and corporate conduct. Annual Review of Financial Economics, 10(1), 413–448.
   Google Scholar