We use a unique database, collected by aggregating analysts' reports on the Tunisian Stock Exchange. We study the price impact and the excess returns following analysts' recommendations. Results are qualitatively in line with the literature. However, although often significant, the results are...

This study attempts to examine liquidity (stock returns) reaction to subsequent dividend announcements and information efficiency in the Ghanaian Market with a sample of 11 major companies from those listed on the Ghana Stock Exchange (GSE). While employing event studies to measure the event...

We develop a simple delegation model to study rules based on instruments vs. targets. A principal faces a better informed but biased agent and relies on joint punishments as incentives. Instrument-based rules condition incentives on the agent's observable action; target-based rules condition...