Using analyst stock recommendations issued between January 1996 and December 2006 we show that the odds for female financial analysts to issue optimistic investment advice is 40% lower than for male analysts. Although 17% of our sample of analysts is female, 48% is employed by a top financial...

We present a two-stage model for the decision making process of financial analysts when issuing earnings forecasts. In the first stage, financial analysts perform a fundamental earnings analysis in which they are, potentially, subject to a behavioral bias. In the second stage analysts can adjust...

To analyze the intertemporal interaction between the stock and bond market returns, we assume that the conditional covariance matrix follows a multivariate GARCH process. We allow for asymmetric effects in conditional variances and covariances. Using daily data, we find strong evidence of...

To analyze the intertemporal interaction between the stock and bond market returns, we allow the conditional covariance matrix to vary over time according to a multivariate GARCH model similar to Bollerslev, Engle and Wooldridge (1988). We extend the model such that it allows for asymmetric...

In this paper, we study the impact of macroeconomic news announcements on the conditional volatility of stock and bond returns. Using daily returns on the Samp;P 500 index, the NASDAQ index, and the 1 and 10 year U.S. Treasury bonds, some interesting results emerge. Announcement shocks appear to...

In this paper we study the impact of macroeconomic news announcements on the conditional volatility of stock and bond returns. Using daily returns on the Samp;P 500 index, the NASDAQ index, and the 1 and 10 year U.S. Treasury bonds, some interesting results emerge. Announcement shocks appear to...

In this paper, we test whether news contained in macroeconomic announcements is priced in the cross-section of stock returns. When including news on a set of widely followed individual macroeconomic fundamentals in the cross-section of stock returns, estimates of their prices of risk are...

To analyze the intertemporal interaction between the stock and bond market returns, we allow the conditional covariance matrix to vary over time according to a multivariate GARCH model similar to Bollerslev, Engle and Wooldridge (1988). We extend the model such that it allows for asymmetric...

In this paper we study the impact of macroeconomic news announcements on the conditional volatility of stock and bond returns. Using daily returns on the Samp;P 500 index, the NASDAQ index, and the 1 and 10 year U.S. Treasury bonds, for January 1982 - August 2001, some interesting results...

We investigate small firms' capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. We find that the capital structure decision of Dutch SMEs is consistent with the pecking order theory: SMEs use...