As Enron collapsed in the Summer and Fall of 2001, most Wall Street analysts maintained either buy or strong buy recommendations for Enron common stock. The largest bankruptcy in U.S. history was often described as coming without warning, as $60 billion in market capitalization vanished. We...

Contrary to the common view that analysts are important information agents, intraday returns evidence shows that announcements of analysts' forecast revisions release little new information, on average. Further cross-sectional evidence from returns around the announcements confirms that...

The condensed research article presents some innovative research results on the venture capital optimal investment portfolio strategies selection in the diffusion-type financial systems in the imperfect highly volatile global capital markets with the incomplete information, which are...

In this paper we aim to test concept of low stock price and long term stock performance in the context of asymmetric information phenomenon by using data of initial public offerings at Istanbul Stock Exchange. Thus, we analyze 42 stocks which has offered to the public between years 2000-2007. We...

This paper is the study of the research that gives attention to the activities of acquisitions made by firms acquirer (acquirer). The main purpose of this study was to see how the reaction of the market (market reaction) will provide guidance on the picture of the performance of the acquirer...

This study examines the impact of S&P rating events on the credit default swap (CDS) spread of firms and the spillover effect on competitors for the period 2004–2011. We find that both credit downgrades and upgrades have an impact on the CDS spread of event and non-event firms on the event...

This paper examines analyst recommendations in the G7 countries and evaluates the value of these recommendations over the 1993 to 2002 period. We find that the proportion of sell and strong sell recommendations in all of the countries are less than the proportion of the buy and strong buy...

Over the 1993-2000 period, a majority of U.S. venture-backed IPOs have venture backing by financial institutions. Each class of financial institutions has its own asset expertise, investment criteria and access to proprietary information on private firms, which we exploit evaluating whether...

The paper constructs a search-theoretic model of credit markets with a bilateral trading mechanism that enables the manageable introduction of asymmetric information. Borrowers' success probabilities are unobservable to financiers, but the degree of risk in observable projects can be used as a...

Using 1983-2002 U.S. data, we examine whether the quality differentials in earnings forecasts between reputable and non-reputable analysts vary as the severity of conflicts of interest varies. We measure personal reputation using the Institutional Investor All-American (AA) awards, and bank...