The paper investigates strategic interactions between an independent analyst and an a¢ liated analyst when the analysts’information acquisition and the timing of their recommendations are endogenous. Compared to the independent analyst, the a¢ liated analyst has superior information but faces a con‡ict of interest. I show that the independent analyst’s recommendation, albeit endogenously less i...

Elfriede Dustin currently works as a test manager at BNA Software (www.bnasoftware.com) in Washington, DC. She is a SQA Certified test engineer and has supported test efforts for a multitude of applications. In support of software test efforts, Elfriede has been responsible for implementing automated test, or has performed as the lead consultant guiding the implementation of automated software ...