This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings...

Intangible assets facilitate insurers' capacity to retain existing business and attract new clients. In this study we analyze how the incentives to protect intangible assets affect asset risk taking behavior of property liability insurers. Our evidence supports the view that insurers' incentives...

Intangible assets, known as franchise value in the insurance industry, are critical for insurance companies to acquire new business and survive the fierce market competition. In this study, we analyze how the incentives to protect intangible assets and to go for broke jointly affect their asset...

This paper examines equity response to the occurrence of large non operating losses. As with previous studies, significant negative abnormal returns are detected around the occurrence of large losses. The paper extends the literature by examining issues not previously investigated. For a subset...