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| Author: | Carleton, W.T. Chen, C.R. Steiner, T.L. |
| Title: | Optimism biases among brokerage and non-brokerage firms' equity recommendations: agency costs in the investment industry |
| Journal: | Financial Management
1998 : SPRING, VOL. 27:1, p. 17-30 |
| Index terms: | investment planning investment analysis |
| Language: | eng |
| Abstract: | This article explores whether agency costs in the investment industry have any effect on the level and the performance of analysts' investment recommendations. For this purpose recommendation production environments were categorized into national, regional and non-brokerage firms. The results proved that there were differences between the recommendations made by brokerage and non-brokerage firms. |
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