Optimism Biases among Brokerage and Non-Brokerage Firms' Equity Recommendations: Agency Costs in the Investment Industry

Theory of the firm: Managerial behavior, agency costs and ownership structure

1976 • 62,465 citations

A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity

1980 • 25,774 citations

The Cross‐Section of Expected Stock Returns

1992 • 15,031 citations

The Role of Market Forces in Assuring Contractual Performance

1981 • 3,758 citations

A statistical model for the analysis of ordinal level dependent variables

1975 • 2,571 citations

Initial Public Offerings and Underwriter Reputation

1990 • 2,505 citations

Do Brokerage Analysts' Recommendations Have Investment Value?

1996 • 1,810 citations

Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks

1998 • 1,571 citations

Incentives and Risk Sharing in Sharecropping

1974 • 1,415 citations

A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues

1982 • 916 citations

The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations*

1995 • 671 citations

The Weekend Effect: Trading Patterns of Individual and Institutional Investors

1990 • 479 citations

Incentives, Risk, and Information: Notes Towards a Theory of Hierarchy

1975 • 365 citations

Some results on incentive contracts with applications to education and employment, health insurance, and law enforcement.

1978 • 344 citations

Underwriting Relationships and Analysts' Earnings Forecasts and Investment Recommendations

1997 • 319 citations

An Agency Perspective on Franchising

1991 • 309 citations

Performance Incentive Fees: An Agency Theoretic Approach

1987 • 303 citations

The value line enigma (1965–1978)

1982 • 243 citations

Discrete Expectational Data and Portfolio Performance

1986 • 202 citations

Stock Prices and Financial Analysts' Recommendations

1983 • 166 citations

The effect of value line investment survey rank changes on common stock prices

1985 • 148 citations

Efficient Incentive Contracts

1980 • 119 citations

Optimal Risk Sharing and the Leasing of Natural Resources, with Application to Oil and Gas Leasing on the Ocs

1978 • 114 citations

The relation between the Value Line enigma and post-earnings-announcement drift

1992 • 92 citations

How Good is Institutional Brokerage Research?

1972 • 80 citations

Value Line Rank and Firm Size

1987 • 56 citations

Market Efficiency and Value Line's Record

1990 • 56 citations

Brokerage House Investment Advice

1973 • 51 citations

Risk and the Value Line Contest

1973 • 19 citations

The Salomon Brothers Electric Utility Model: Another Challenge to Market Efficiency

1984 • 9 citations

THE VALUE OF INDUSTRY FORECASTING AS AN AID TO PORTFOLIO MANAGEMENT

1970 • 4 citations