This paper examines whether and how U.S. analysts contribute to an improvement in the home market information environment of foreign firms cross-listed in the United States. Comparing return and trading volume reactions to U.S. analyst recommendation revisions to local analysts' for cross-listed...

The aim of this paper is to study the pricing factor structure of Italian equity returns. Using twenty-five years of data, we focus on the role of other risk factors besides the market beta, namely size, book to market, and momentum. A two step empirical analysis is provided where first we...

We study the pricing factor structure of Italian equity returns using 25 years of data. A two-step empirical analysis is provided where first we estimate an unrestricted multifactor model to test if there is any evidence of misspecification. Then, we estimate the restricted model through the...

Financial analysts' research activity seems to be important for investors in their investment decisions. Understanding if financial analysts' reports can influence the market and the degree of reliability of their forecasts has been a theme lively debated in the academic literature but also in...

We investigate the role of U.S. analysts in facilitating home market information transmission for firms from 40 countries cross-listed in the U.S. Recommendation revisions by U.S. analysts lead to significantly higher (lower) abnormal returns (volumes) in the home market compared to those by...

The main objective of the paper is to examine the market reaction to the reports issued by financial analysts in the Italian Stock Exchange, and to define the informative contribution embedded on them as well as their investment value. We use a unique dataset that includes all the reports on...