An International Meeting of the American Accounting Association American Accounting Association 2006 Annual Meeting August 6–9, 2006 Washington, D.C.

Lihong Liang
George Washington University

Edward Riedl
Harvard Business School

Ramgopal Venkataraman
University of Minnesota

Abstract: Prior research has examined analyst following at the firm level. This paper examines an alternative perspective: how the individual analyst chooses firms to follow. This perspective allows us to investigate characteristics not only of the firm, but also of the individual analyst and their employing brokerage house. Overall, our evidence suggests that analyst-firm pairings are not random, and that analysts consider characteristics specific to the firm, analyst, and brokerage house in choosing which firms to follow.

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