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| Author: | Nicolai, A.T. Schulz, A-C. Thomas, T.W. |
| Title: | What Wall Street wants - Exploring the role of security analysts in the evolution and spread of management concepts |
| Journal: | Journal of Management Studies
2010 : JAN, VOL. 47:1, p. 162-189 |
| Index terms: | management theory core competence investment analysis companies USA |
| Language: | eng |
| Abstract: | This paper deals with the role of security (here as: sec.) analysts in the dissemination of popular management (as: mgmt.) concepts, drawing on neo-institutional and mgmt. fashion theory. It is explored whether sec. analysts swing with the popularity of a mgmt. concept or serve as a corrective securing the rationality of mgmt. actions. Using data on the United States (U.S.) based firms from 1990 to 2002, it is shown that during the 1990s analysts systematically overvalued the future earnings of refocusing firms that incorporated principles derived from the core competence (as: c-c.) concept. Furthermore, there is evidence that their valuations were positively influenced by the popularity of the c-c. discourse, exhibiting a systematic bias. |
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