The Library
The field of investment advice : the social forces that govern equity analysts
Tools
Millo, Yuval, Spence, Crawford and Valentine, James (2023) The field of investment advice : the social forces that govern equity analysts. The Accounting Review, 98 (7). pp. 457-477. doi:10.2308/TAR-2021-0140 ISSN 1558-7967.
|
PDF
WRAP-field-investment-advice-social-forces-that-govern-equity-analysts-Millo-2023.pdf - Accepted Version - Requires a PDF viewer. Download (625Kb) | Preview |
Official URL: https://doi.org/10.2308/TAR-2021-0140
Abstract
Literature on equity analysts presents a conundrum: analysts are seen as influential market participants, yet researchers widely criticize them for their bias and inaccuracy. Studies drawing from economic frames struggle to explain this. Therefore, we develop a new conceptualization that positions analysts as actors operating in a social field. Drawing on a qualitative study involving 70 interviews with analysts and portfolio managers, we offer two broad insights. Firstly, we identify long-term interpersonal and inter-institutional ties between buy-side and sell-side actors which contribute to social inertia in the field. Secondly, we illustrate how sell-side analysts’ social environment is dichotomous, pushing some to converge with consensus estimates, while encouraging others to diverge. Taken as a whole, our findings contribute to the accounting literature by enriching our understanding of the social and institutional forces that govern analyst behavior.
Item Type: | Journal Article | ||||||||
---|---|---|---|---|---|---|---|---|---|
Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce > HF5601 Accounting H Social Sciences > HG Finance H Social Sciences > HM Sociology |
||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Accounting Faculty of Social Sciences > Warwick Business School |
||||||||
Journal or Publication Title: | The Accounting Review | ||||||||
Publisher: | American Accounting Association | ||||||||
ISSN: | 1558-7967 | ||||||||
Official Date: | 1 November 2023 | ||||||||
Dates: |
|
||||||||
Volume: | 98 | ||||||||
Number: | 7 | ||||||||
Page Range: | pp. 457-477 | ||||||||
DOI: | 10.2308/TAR-2021-0140 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Copyright Holders: | American Accounting Association | ||||||||
Date of first compliant deposit: | 17 May 2023 | ||||||||
Date of first compliant Open Access: | 8 September 2023 |
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |
Downloads
Downloads per month over past year