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Raghavendra Rau

Raghavendra Rau

Published papers

Is there life after loss of analyst coverage?, The Accounting Review, 2013
The impact of all-star analyst job changes on their coverage choices and investment banking deal flow, JFE, 2007
Independents' Day? Analyst behavior surrounding the Global Settlement, Annals of Finance, 2011
 


The impact of all-star analyst job changes on their coverage choices and investment banking deal flow
Journal of Financial Economics, 84, 713-737, 2007

In this paper, we examine if analyst stock coverage is influenced by investment banking relationships between the bank and the firms the analyst covers. Why is this a problem? We argue that current papers do not capture the endogeneity of the analysts decision to work for a particular investment bank. By focusing on a sample of all-star analyst turnover and examining the analyst coverage decision immediately around the turnover decision, we can document that analyst coverage significantly influences deal flow to the investment bank he is employed at.