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How Do Firms Manage Their Earnings Forecast Strategy? A New Zealand Study
Dunstan, Keitha L. - 2012
expected change in earnings, our study investigates how firms manage their earnings forecast strategy once they have decided to … to adopt a multiple earnings forecast (a portfolio) approach in the statutory sanctions period, particularly for the …
Persistent link: https://www.econbiz.de/10013107302
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Analyst Recommendations and Nasdaq Market Making Activity
Mizrach, Bruce - 2003
I investigate the linkage between liquidity provision by Nasdaq market makers and analysts in the same firm. Using three measures of market activity, I find that Nasdaq firms are more likely to provide buy side liquidity in anticipation of upgrades in the period 1999-2000. ECN activity supports...
Persistent link: https://www.econbiz.de/10010263209
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Net asset value discounts in listed private equity funds
Lahr, Henry; Kaserer, Christoph - 2009
This paper investigates determinants and consequences of net asset value discounts in listed private equity funds. Listed private equity funds share characteristics of closed-end mutual funds and traditional unlisted private equity funds and can therefore offer insights into both. Our results...
Persistent link: https://www.econbiz.de/10010305728
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Executive Compensation and Analyst Guidance : The Link between CEO Pay and Expectations Management
Bolliger, Guido; Kast, Manuel - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004
During the last decade, a surprisingly high percentage of U.S. companies has fulfilled or beatenanalysts´ earnings per share forecasts. One of the most frequently cited reasons for this growingtendency is a change in the nature of U.S. executive compensation structure. As stock options...
Persistent link: https://www.econbiz.de/10005858100
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Performance of Second Hand Public Investment Recommendations
Schmid, Markus; Zimmermann, Heinz - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
previously released by banks to their customers. This sample is much less exposed to the selection bias inherent in public …
Persistent link: https://www.econbiz.de/10005858579
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Performance of Initial Public Offerings : The Evidence for Switzerland
Drobetz, Wolfgang; Kammermann, Matthias; Waelchli, Urs - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
We examine the underpricing and long-term performance of a broad set ofSwiss IPOs from 1983 to 2000. The average market adjusted initial return is34.97%. Our results support the ex ante uncertainty hypothesis, the signal-ling hypothesis and, to some extent, the market cyclicality hypothesis...
Persistent link: https://www.econbiz.de/10005858709
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The First- and Second-Hand Effect of Analysts' Stock Recommendations – Evidence from the Swiss Stock Market
Schlumpf, Philipp M.; Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2006
This paper empirically investigates the impact of both the first release of analysts' stock recommendations to a limited clientele and the subsequent dissemination of the same information in a major newspaper to a broader audience. For a sample of 1460 stock recommendations published in FuW,...
Persistent link: https://www.econbiz.de/10005862885
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Performance of Initial Public Offerings : The Evidence for Switzerland
Drobetz, Wolfgang; Kammermann, Matthias; Wälchli, Urs - Wirtschaftswissenschaftliches Zentrum <Basel>
We examine the underpricing and long-term performance of a broad set ofSwiss IPOs from 1983 to 2000. The average market adjusted initial return is34.97%. Our results support the ex ante uncertainty hypothesis, the signallinghypothesis and, to some extent, the market cyclicality hypothesis...
Persistent link: https://www.econbiz.de/10005863001
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Carry trades, order flow and the forward bias puzzle
Breedon, Francis; Rime, Dagfinn; Vitale, Paolo - 2015
We investigate the relation between foreign exchange (FX) order flow and the forward bias. We outline a decomposition … of the forward bias according to which a negative correlation between interest rate differentials and order flow creates … a time-varying risk premium consistent with that bias. Using ten years of data on FX order flow we find that more than …
Persistent link: https://www.econbiz.de/10011460768
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The price of corporate social responsibility: The case of black economic empowerment transactions in South Africa
Jackson, William E.; Alessandri, Todd M.; Black, Sylvia … - 2005
Since the demise of apartheid in South Africa, corporations have been encouraged to participate in the governmental goal of increasing corporate ownership by the black majority population. One vehicle that has arisen to help facilitate an increase in corporate ownership has been black economic...
Persistent link: https://www.econbiz.de/10010292343