Tournament induced incentives and analysts' boldness.

• Main Author: Yin, Huifang.
• Other Authors: Zhang Huai
• Format: Theses and Dissertations
• Language: English
• Published: 2012
• Subjects: DRNTU::Business::Management
• Online Access: http://hdl.handle.net/10356/48071
• Institution: Nanyang Technological University

I argue that financial analysts can be viewed as participants of two tournaments (the “All-star” tournament and the intrafirm tournament) and examine whether analysts are incentivized by the tournament compensation structure. Using data from 1991 to 2007, I find that interim losers are more likely t...