A világ tőkepiacain zajló koncentrációs folyamat során egyre jobban érezhető a tőzsdék élesedő versenye. Ez megmutatkozik a kibocsátókért, a tőzsdetagokért folytatott versenyfutásban, valamint a kereskedési rendszerek hatékonyságra és rugalmasságra törekvésében. Ezért...

Fifty or so years ago, the concept of the financial ratio was popularized as a means of eliminating or adjusting for the effect of firm size in cross-sectional analyses of financial statements. Since that time, financial ratios have been used in hundreds, or perhaps thousands, of research...

We investigate the incremental information conveyed by management forecast errors over and above the consensus analyst forecast error at the time of earnings announcement. To the extent that analysts rationally revise their forecasts to subsume information contained in management releases, it is...

We find that analysts who issue more accurate earnings forecasts also issue more profitable stock recommendations. The average factor-adjusted return associated with the recommendations of analysts in the highest accuracy quintile exceeds the corresponding return for analysts in the lowest...

We show that abnormal returns to analysts' recommendations stem from both the ratings levels assigned as well as the changes in those ratings. Conditional on the ratings change, buy and strong buy recommendations have greater returns than do holds, sells, and strong sells. Conditional on the...

Financial reporting around the time of IPOs is consistent with listed firms reporting more conservatively than previously as private firms, consistent with the results in Ball and Shivakumar (2005). We hypothesize that IPO firms supply the higher quality financial reports demanded by public...

We find evidence that conflicts of interest arising from Mamp;A relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions in a setting, i.e. Mamp;A relations, not previously examined in research on analyst conflicts. In addition, the Mamp;A context...

We examine the impact of Regulation Fair Disclosure on the competitive advantage of All-Star analysts as measured by turnover in the rankings. Institutional Investor All-Americans, chosen by votes of institutional investors based on overall helpfulness, experienced a significant increase in...

This study offers evidence on the earnings forecast bias analysts use to please firm management and the associated benefits they obtain from issuing such biased forecasts in the years prior to Regulation Fair Disclosure. Analysts who issue initial optimistic earnings forecasts followed by...

Using unique data on brokerage-firm trading volume, I examine whether analysts' earnings forecasts and recommendations generate trading volume for their brokerage firms. I find that analysts' forecasts differing from the consensus forecast generate signif icant brokerage-firm volume in the...