This paper examined the information content of financial columns. Since the stock market is informationally efficient, no investor can extract excess returns by blindly following the advice of financial column. However, the labor market for financial columnist is competitive, a surviving...

In a capital budgeting decision, timing is often an important part of the decision-maker’s opportunity set. The ability of the manager to choose when to undertake an investment has similarities to the ability of the holder of a securities option to choose when to exercise that option. This...

In a capital budgeting decision, timing is often an important part of the decision-maker’s opportunity set. The ability of the manager to choose when to undertake an investment has similarities to the ability of the holder of a securities option to choose when to exercise that option. This...

This paper examined the information content of financial columns. Since the stock market is informationally efficient, no investor can extract excess returns by blindly following the advice of financial column. However, the labor market for financial columnist is competitive, a surviving...