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2010-04-08
Relative to existing research, our research design de-emphasizes the IPO by examining all capital market transactions by an issuer during the sample period. From a theoretical perspective, we contend that an issuer’s transactions with a bank should not be treated as independent events. Our evidence is consistent with this argument. From a practical perspective, relatively few firms attract analyst research coverage prior to their IPO and thus most IPOs are classified as no-coverage cases in our sample. The exception is carve-outs by parents whose stocks are already covered. In this sub-sample, we still find that aggressive analyst behavior failed to help banks win business. We note, however, that anecdotal evidence suggests that banks and their analysts competed for IPO underwriting mandates by making (nonbinding) commitments to provide favorable research coverage. The finding by Cliff and Denis (2004) that firms are more likely to switch underwriters when they receive less coverage than expected is consistent with punishment for violation of such implicit contracts

请问各位坛友,上文中所指的在股票或证券发行过程中,投资银行的analyst research coverage,国内较通用的中文对应术语是什么?
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