Editor's note: Two copies of books for review should be sent to the incoming Book Review Editor: Professor Gary C. Biddle, Level 7, 198 Berkeley Street, Carlton, VIC 3010. The policy of The Accounting Review is to publish only those reviews solicited by the Book Review Editor. Unsolicited reviews will not be accepted.

Even though all three authors of this manuscript are recognized for their seminal contributions to the research on sell-side analysts and the properties and impact of these analysts' research and forecasts, the manuscript is not a review of this rich literature. Rather, it focuses on the evidence pertinent to the questions of “whether, how, and under which circumstances sell-side research contributes to the functioning of capital markets” (p. 3). The authors propose that, despite the vast body of empirical research on the information produced by financial analysts and their role in the capital markets, there are important...

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