caa a22 4500 445316462 CHVBK 20180317142649.0 cr unu---uuuuu 170323e20110701xx s 000 0 eng 10.1007/s11146-010-9246-3 doi (NATIONALLICENCE)springer-10.1007/s11146-010-9246-3 Analyst Behavior and Underwriter Choice [Elektronische Daten] [Walter Boudry, Jarl Kallberg, Crocker Liu] We examine the role that analysts play in a firm's choice of underwriter using a sample of major U.S. investment banks. In order to best capture the competitive environment, which is critical to the potential role that analysts play, we limit our sample of firms to 161 real estate investment trusts (REITs) issuing debt or equity between 1996 and 2004. Using the estimation technique of Ljungqvist et al. (Journal of Finance 61:301-340 2006), which accounts for the endogeneity of analyst behavior and the coverage self-selection decision, we find that target prices that are optimistic relative to competitors' target prices, significantly increase an underwriter's probability of attracting underwriting business. This result holds for both equity and debt issues with fees greater than one million dollars. We also find evidence consistent with the notion that increased regulatory scrutiny of conflicts of interest between analysts and investment banks has decreased the impact of analyst behavior on underwriter choice. Springer Science+Business Media, LLC, 2010 REITs nationallicence Analysts nationallicence Underwriters nationallicence Boudry Walter Leonard N. Stern School of Business, New York University, 44 W 4TH St, Suite 9-190, 10013, New York, NY, USA aut Kallberg Jarl Thunderbird School of Global Management, 85306, Glendale, AZ, USA aut Liu Crocker School of Hotel Administration, Cornell University, 440 Statler Hall, 14853, Ithaca, NY, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 5-38 0895-5638 43:1-2<5 2011 43 11146 https://doi.org/10.1007/s11146-010-9246-3 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-010-9246-3 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Boudry Walter Leonard N. Stern School of Business, New York University, 44 W 4TH St, Suite 9-190, 10013, New York, NY, USA aut NATIONALLICENCE 700 1- Kallberg Jarl Thunderbird School of Global Management, 85306, Glendale, AZ, USA aut NATIONALLICENCE 700 1- Liu Crocker School of Hotel Administration, Cornell University, 440 Statler Hall, 14853, Ithaca, NY, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 5-38 0895-5638 43:1-2<5 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer