Do Security Analysts Speak in Two Tongues?

Ulrike Malmendier, Devin Shanthikumar

NBER Working Paper No. 13124
Issued in May 2007

---- Acknowledgements -----

We would like to thank Sris Chatterjee, Paul Healy, Gerard Hoberg, Jennifer Juergens, Charles Lee, Pat O'Brien, Tim McCormick, Zoran Ivkovich, seminar participants at the MIT Sloan School of Management, the Securities and Exchange Commission, the N.Y.Fed/Ohio State University/JFE 2004 conference on Agency Problems and Conflicts of Interest in Financial Intermediaries, 2005 Early Career Women in Finance Mini-Conference, 2006 American Finance Association Annual Meeting, the 2006 Financial Accounting and Reporting Section Mid-Year Meeting of the AAA, the 2006 Financial Management Association Europe Conference, the Seventh Maryland Finance Symposium on Behavioral Finance, the 2007 European Accounting Association Annual Meeting and the University of Minnesota. Michael Jung provided excellent research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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