We analyze the impact of ESG rating score revisions on stock returns for U.S.-listed firms. Using holding periods of six months, we find that decreases in rating scores are followed by annualized negative abnormal returns of approximately 3%. These results are mostly due to large ESG score...

Using a hand-collected dataset containing buy, hold, and sell recommendations for Bitcoin published by crypto analysts, we show that hold and sell recommendations are followed by negative abnormal returns whereas buy recommendations are not associated with nonzero abnormal returns. Based on all...

We study the savings transfers between banks by retail depositors. Our sample comprises annual savings account data from the Netherlands for the period from 2004 to 2014. We control for demographic factors and find that the differences in interest rates across savings accounts help explain the...

EU regulations mandate that short sellers disclose short positions as of 0.2% to authorities, which publicly disclose positions as of 0.5%. In January 2017, the Netherlands Authority for the Financial Markets accidentally disclosed confidential positions. Using the entire register, we show that...

This study establishes that equity analyst recommendations have a significant short-term impact on share prices, by utilising an international database containing 31,363 analyst recommendations on JSE-listed and delisted companies, published over the period 1995 to 2011. In addition, two...