This paper investigates the relative performance of local and foreign financial analysts on Latin American emerging markets.

This paper is designed to assist individuals and organizations in understanding the role and risks of derivatives in two specific areas -- debt management and investing. The various risks associated with derivatives are discussed in this article. Similar to collateralized debt obligations (CDOs)...

This paper studies the effect of investor sentiment on stock returns in three Central European markets: the Czech Republic, Hungary and Poland. The results show that sentiment is a key variable in the prices of stocks traded on these markets and its impact is stronger here than in more developed...

Research indicates that firms with high institutional investment outperform firms with low institutional investment, suggesting that institutions have informational advantages over individuals. We investigate whether IPO grading in India enables retail investors to invest more like institutions...

This study examines the responses of investor sentiment and stock market returns to announcements of changes in analyst recommendation as well as the effect of these announcements on the relationship between sentiment and stock returns. Investor sentiment is more sensitive to upgrade...

The purpose of this study is to assess whether the analysts' activity is valuable for investors, i. e., whether the managers follow the analysts' forecasts and whether those who follow are able to achieve higher returns. We analyzed the behavior of investment fund managers in the Brazilian...

There are three fundamental ways of testing the validity of an investment algorithm against historical evidence: a) the walk-forward method; b) the resampling method; and c) the Monte Carlo method. By far the most common approach followed among academics and practitioners is the walk-forward...

This paper analyses four key markets within the European context. In this context, where the level of analyst coverage is lower than in the US setting, we aim to ascertain whether the origin of optimism in analyst forecasts in these markets is mainly strategic or whether it also contains an...

Using textual analysis to measure financial analysts’ industry knowledge for A-share healthcare reports issued during 2012-2019, we find that unqualified analysts exist in the Chinese stock market. These unqualified analysts concentrate in state-owned (SOE) brokerages. They tend to plagiarize...

We examine the effects of bidding experience on two groups of investors - individuals and institutions - in terms of their decisions to bid again and their bidding returns. Bidding histories are tracked for all 31,376 individual investors and 1,232 institutional investors across all 84 IPO...