Do Analyst Regulations Work? Evidence from the Impact of NASD Rule 2711 on the Liquidity Changes Surrounding Coverage Initiations

• Main Authors: RANASINGHE, Tharindra, SHROFF, A., SIVARAMAKRI, S.
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2012
• 主題: Accounting; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1022; https://aaahq.org/AM2012/abstract.cfm?submissionID=959

We investigate the net effect of NASD Rule 2711 on information intermediary role of analysts by examining the market reaction and changes in liquidity surrounding coverage initiations in the pre- and post- regulation periods. This regulation was intended to eliminate conflict of interests faced by a...