The large number of management guidance withdrawals during the COVID-19 pandemic has attracted considerable attention from the media, investors, and regulators. This study analyzes the determinants and consequences of such withdrawals. We find that guidance withdrawals are due to economic...

This study examines the effect of peer-level analyst transitions (i.e., switching between brokerage houses) on associated regular incumbent analysts’ forecasting performance. We employ a difference-in-differences research design with analyst fixed effects and compare incumbent analysts of...

This paper is the first to investigate the role of work-life balance in financial analysts' performance and career advancement. Using a large sample of Glassdoor reviews by financial analysts, we find a significant non-linear relation between perceived work-life balance and analyst performance...

This paper is the first to investigate the role of work-life balance in financial analysts’ performance and career advancement. Using a large sample of Glassdoor reviews by financial analysts, we find a significant non-linear relation between work-life balance and analyst performance and...

This study tests the relation between corporate tax avoidance and disclosure of geographic earnings for U.S. multinational companies. We find that after the adoption of Statement of Financial Accounting Standards No. 131 in 1998, firms opting to discontinue disclosure of geographic earnings in...

This study tests the relation between corporate tax avoidance and disclosure of geographic earnings for U.S. multinational companies. We find that after the adoption of Statement of Financial Accounting Standards No. 131 in 1998, firms opting to discontinue disclosure of geographic earnings in...

Online Appendix to the Paper Guan, Yuyan and Li, Congcong and Lu, Hai and Wong, M.H. Franco, Regulations and Brain Drain: Evidence from Wall Street Star Analysts' Career Choices (July 30, 2018). Available at: "https://ssrn.com/abstract=3243135" https://ssrn.com/abstract=3243135

The Global Settlement, along with related regulations in the early 2000s, prohibit the use of investment banking revenue to fund equity research and compensate equity analysts. We find that all-star analysts from investment banks are more likely to exit the profession or move to the buy side...

This paper examines whether the negative association between aggregate earnings and returns is explained by the monetary policy news in aggregate earnings. Using Federal funds futures data to construct a measure of policy news, we find that aggregate earnings convey information about the Fed's...

We examine how gender and beauty affect the likelihood of being voted as an All-Star in the financial analyst profession in both the United States and China. We find that female analysts are more likely to be voted as All-Star analysts in the United States, but good-looking female U.S. analysts...