Measuring the information environment of firms using analyst (price) forecast bias and forecast dispersion before listing, we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings (IPOs). We find...

This article examines the effect of financial analysts’ knowledge structure on their forecast performance based on manually collected data of 1590 sell-side financial analysts’ education background. The longer the period of higher education in one major, the profounder the knowledge in a...