This study uses the staggered recognition of the Inevitable Disclosure Doctrine (IDD) by the United States state courts as an exogenous shock to human capital stability. Using a difference-in-differences (DiD) research design, we present evidence that financial analysts are likely to issue more...

The range of non-EPS forecast types provided by individual analysts to I/B/E/S has increased dramatically over time but varies considerably across firms. We propose that in providing a broader range of forecast types analysts can signal superior research ability and research effort. Consistent...

This study investigates the moderating effect of managerial sentiment on the relation between analyst coverage and downside risk. Using the earthquake as a negative shock to managerial sentiment, we find that analyst coverage is negatively correlated with downside risk, however, this...

We study the impact of analysts’ foreign experience on their forecasting performance in emerging markets. Using a comprehensive hand-collected dataset from China, we show that analysts with foreign experience tend to issue more accurate earnings forecasts. We exploit staggered implementation...

This study examines whether sell-side analysts have the ability to disseminate information consistent with anomaly prescriptions in China. I adopt 192 trading-based and accounting-based anomaly signals to identify undervalued and overvalued stocks. Analysts tend to give more (less) favorable...

I carry out an empirical analysis to recover stock analysts' loss functions from observations on forecasts, actual realizations and a proxy for the publicly observed part of the analyst's information set. The forecasts I use are analyst stock (buy/hold/sell) recommendations for two Blue Chip...