The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis
SP Kothari, X Li, JE Short - The Accounting Review, 2009 - publications.aaahq.org
We document systematic evidence of risk effects of disclosures culled from a virtually
exhaustive set of sources from the print medium. We content analyze more than 100,000 …
exhaustive set of sources from the print medium. We content analyze more than 100,000 …
The walk‐down to beatable analyst forecasts: The role of equity issuance and insider trading incentives
It has been alleged that firms and analysts engage in an" earnings‐guidance game" where
analysts first issue optimistic earnings forecasts and then" walk down" their estimates to a …
analysts first issue optimistic earnings forecasts and then" walk down" their estimates to a …
Determinants of the informativeness of analyst research
We examine cross-sectional determinants of the informativeness of analyst research, ie,
their effect on security prices, controlling for endogeneity among the factors affecting …
their effect on security prices, controlling for endogeneity among the factors affecting …
Behavioral corporate finance
Research in behavioral corporate finance takes two distinct approaches. The first
emphasizes that investors are less than fully rational. It views managerial financing and …
emphasizes that investors are less than fully rational. It views managerial financing and …
Which types of analyst firms are more optimistic?
Research optimism among securities analysts has been attributed to incentives provided by
underwriting activities. We examine how analysts' forecast and recommendation optimism …
underwriting activities. We examine how analysts' forecast and recommendation optimism …
Are small investors naive about incentives?
Security analysts tend to bias stock recommendations upward, particularly if they are
affiliated with the underwriter. We analyze how investors account for such distortions. Using …
affiliated with the underwriter. We analyze how investors account for such distortions. Using …
The persistence of earnings and cash flows and the role of special items: Implications for the accrual anomaly
We argue that high accruals are likely to be the outcome of rules with an income statement
perspective, while low accruals are likely to be the outcome of rules with a balance sheet …
perspective, while low accruals are likely to be the outcome of rules with a balance sheet …
The effect of issuing biased earnings forecasts on analysts' access to management and survival
B Ke, Y Yu - Journal of Accounting Research, 2006 - Wiley Online Library
This study offers evidence on the earnings forecast bias analysts use to please firm
management and the associated benefits they obtain from issuing such biased forecasts in …
management and the associated benefits they obtain from issuing such biased forecasts in …
Competing for securities underwriting mandates: Banking relationships and analyst recommendations
A Ljungqvist, F Marston… - The Journal of Finance, 2006 - Wiley Online Library
We investigate whether analyst behavior influenced banks' likelihood of winning
underwriting mandates for a sample of 16,625 US debt and equity offerings in 1993–2002 …
underwriting mandates for a sample of 16,625 US debt and equity offerings in 1993–2002 …
Comparing the stock recommendation performance of investment banks and independent research firms
From January 1996 through June 2003, the average daily abnormal return to independent
research firm buy recommendations exceeds that of investment bank buy recommendations …
research firm buy recommendations exceeds that of investment bank buy recommendations …