There have recently been studies which have shown that corporate managers may have incentives to release private information. A common thread through these studies is that the release of private information may also entail costs by providing competitors with valuable information. However, as is...

Over the past several years many researchers have empirically examined the issue of whether or not managerial earnings forecasts are more accurate than those prepared by security analysts. One result commonly found is that managerial forecasts which are released prior to analyst forecasts are at...

A change in auditors is commonly observed in firms which are selling shares nationally for the first time. One impetusfor this is said to come from underwriters who advise their clients to switch from a local to national auditing firm known for higher quality standards in order to receive a...

After a string of years in which security analysts' top stock picks significantly outperformed their plans, the year 2000 was a disaster. During that year the stocks least favorably recommended by analysts earned an annualized market-adjusted return of 48.66 percent while the stocks most highly...