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Does Analyst Stock Ownership Affect Reporting Behavior?
2009
Social Science Research Network
An analyst who owns stock in the company she covers may be tempted to protect or enhance her personal interests. I examine how this conflict of interest affects the reporting of sell-side analysts. I identify and collect two samples. I obtain the first from SEC Form 144 filings, and the second from voluntary ownership disclosures. Ordered probit analyses show that owninganalyst recommendations are slightly more cautious than those of the control analysts. I find no robust evidence that stock
doi:10.2139/ssrn.944786
fatcat:m5tph2oztnfkhlffqhpipxctoe