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Two Essays On Analyst Bias And Management Entrenchment, Bahar Ulupinar

LSU Doctoral Dissertations

This dissertation examines the interactions of corporate governance on analyst behavior. Analyst bias is well documented in the previous literature. However, the relationship between managerial entrenchment and analyst bias has not been explored. In my first essay, I hypothesize that while analysts strike a balance between personal reputation and revenue generation for their employers, entrenched managers of covered firms are more likely to induce analysts’ collaboration using management access and underwriting businesses. My hypothesis suggests that managerial entrenchment is a potential source of analyst bias. Consistent with my hypothesis, using the G-Index as a proxy for managerial entrenchment, I show …