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| Author: | Irvine, P. J. A. |
| Title: | Do analysts generate trade for their firms? Evidence from the Toronto stock exchange |
| Journal: | Journal of Accounting & Economics
2000 : OCT, VOL. 30:2, p. 209-226 |
| Index terms: | BROKERAGE STOCK EXCHANGES TRADE CANADA |
| Freeterms: | ANALYSTS |
| Language: | eng |
| Abstract: | It has generally been assumed that the potential commission revenue is an important determinant of a sell-side analyst's decision of what firms to cover and what information to publicly release. However, because stock volume has not been disaggregated on a brokerage-firm level, uncertainty remains regarding the economic importance of the relation between analyst coverage and brokerage-firm volume. Using a unique data set that identifies the broker(s) involved in each trade, the author finds that brokerage volume is significantly higher in covered stocks than in uncovered stocks. |
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