Showing 1 - 10 of 147
information collection affects equity analyst performance. Collection of hard information, proxied by office workday length, is … positively associated with the quantity and timeliness of analyst reports. Soft information collection, as proxied by propensity … star analyst. Both hard and soft information collection improve forecast precision, a causal result that we confirm using …
Persistent link: https://www.econbiz.de/10014447257
We examine how sell-side equity analysts strategically disclose information of differing quality to the public versus …-precise information provided to their private clients more valuable. Analysts' say-buy/whisper-sell behavior results in information …
Persistent link: https://www.econbiz.de/10013210060
I study how policymakers can access and act on the information about climate change damages that is dispersed …) efficiently price emissions conditional on information, ii) efficiently incentivize removal of past emissions conditional on … information, and iii) efficiently aggregate dispersed information about the social cost of emissions. Conventional emission taxes …
Persistent link: https://www.econbiz.de/10013435097
investors' strategic and active decisions, consequently impounding more systematic information into prices. Their rise creates … potentially heterogeneous effects on liquidity and asset-specific information acquisition/incorporation, depending on the …
Persistent link: https://www.econbiz.de/10014468216
We document that value-to-price, the ratio of Residual-Income-Model-based valuation to market price, subsumes the power of book-to-market ratio and many other value or quality measures in predicting stock returns. Long-short value-to-price portfolios hedge against momentum, revitalize the...
Persistent link: https://www.econbiz.de/10014226164
The rise of shale gas and tight oil development has triggered a major debate about hydraulic fracturing (HF). In an effort to mitigate risks from HF, especially with respect to water quality, many U.S. states have introduced disclosure mandates for HF wells and fracturing fluids. We use this...
Persistent link: https://www.econbiz.de/10013537736
How much of the economy is focused on protecting, rehabilitating, or managing the environment? To answer this question, we develop a proof-of-concept environmental activity account to quantify the environmental goods and services sector (EGSS) in the United States. Methodologically, we employ a...
Persistent link: https://www.econbiz.de/10014337807
Financial reports present assets, liabilities, and earnings on a nominal basis (unadjusted for inflation). Using a novel dataset of nearly a century of financial reports, this paper examines whether and how inflation affects the relation between accounting earnings and stock market value, i.e.,...
Persistent link: https://www.econbiz.de/10014528402
How does lie detection constrain the potential for one person to persuade another to change her action? We consider a model of Bayesian persuasion in which the Receiver can detect lies with positive probability. We show that the Sender lies more when the lie detection probability increases. As...
Persistent link: https://www.econbiz.de/10013210093
We conduct a survey-based experiment with 2,776 students at a non-profit university to analyze income insurance demand in education financing. We offered students a hypothetical choice: either a federal loan with income-driven repayment or an income-share agreement (ISA), with randomized framing...
Persistent link: https://www.econbiz.de/10014512114