What Wall Street Wants-Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts Export

@article{citeulike:6097928, abstract = {This paper discusses the role of security analysts in the dissemination of popular management concepts, drawing on neo-institutional and management fashion theory. Focusing on the core competence concept, we investigate whether security analysts swing with the popularity of a management concept or serve as a corrective that secures the rationality of managerial actions. Through our analysis, which uses data for US-based firms spanning the period 199020132002, we show that during the 1990s analysts systematically overvalued the future earnings of refocusing firms that incorporated principles derived from the core competence concept. Moreover, we present evidence that their valuations were positively influenced by the popularity of the core competence discourse and exhibited a systematic bias. Our results suggest a more nuanced understanding of the dynamics underlying the popularization processes of management concepts. In addition to the classical bandwagon-effects discussed in neo-institutional theory, we argue that the mediating role of security analysts and their impact on stock-market prices promote the diffusion of new management concepts.}, address = {Carl von Ossietzky University, Oldenburg}, author = {Nicolai, Alexander T. and Schulz, Ann-Christine and Thomas, Thomas W.}, citeulike-article-id = {6097928}, citeulike-linkout-0 = {http://dx.doi.org/10.1111/j.1467-6486.2009.00862.x}, citeulike-linkout-1 = {http://www3.interscience.wiley.com/cgi-bin/abstract/122462674/ABSTRACT}, doi = {10.1111/j.1467-6486.2009.00862.x}, issn = {1467-6486}, journal = {Journal of Management Studies}, keywords = {analysts, concepts, evolution, exploring, management, role, security, spread, street, wall, wants, what}, number = {1}, pages = {162--189}, posted-at = {2009-11-11 11:49:19}, priority = {3}, title = {What Wall Street Wants-Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts}, url = {http://dx.doi.org/10.1111/j.1467-6486.2009.00862.x}, volume = {47}, year = {2010} }

TY - JOUR ID - citeulike:6097928 L3 - citeulike-article-id:6097928 N2 - This paper discusses the role of security analysts in the dissemination of popular management concepts, drawing on neo-institutional and management fashion theory. Focusing on the core competence concept, we investigate whether security analysts swing with the popularity of a management concept or serve as a corrective that secures the rationality of managerial actions. Through our analysis, which uses data for US-based firms spanning the period 199020132002, we show that during the 1990s analysts systematically overvalued the future earnings of refocusing firms that incorporated principles derived from the core competence concept. Moreover, we present evidence that their valuations were positively influenced by the popularity of the core competence discourse and exhibited a systematic bias. Our results suggest a more nuanced understanding of the dynamics underlying the popularization processes of management concepts. In addition to the classical bandwagon-effects discussed in neo-institutional theory, we argue that the mediating role of security analysts and their impact on stock-market prices promote the diffusion of new management concepts. IS - 1 JF - Journal of Management Studies SN - 1467-6486 AD - Carl von Ossietzky University, Oldenburg EP - 189 TI - What Wall Street Wants-Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts VL - 47 SP - 162 KW - analysts KW - concepts KW - evolution KW - exploring KW - management KW - role KW - security KW - spread KW - street KW - wall KW - wants KW - what AU - Nicolai, Alexander AU - Schulz, Ann-Christine AU - Thomas, Thomas PY - 2010/// UR - http://dx.doi.org/10.1111/j.1467-6486.2009.00862.x ER -