This study examines the relationship between the value of financial analysts' recommendations and the intensity of firms' research and development (R&D) expenditures. We conduct univariate, portfolio and regression analyses using a sample of 8,620 public firms for the period 1993-2004. The...

Using financial institution mergers as exogenous shocks to common ownership, we find that stock prices of commonly held firms incorporate future earnings news more quickly and are less sensitive to noise traders. Our analyses show that the increase in price informativeness is due to: (1)...

This study examines whether firms’ corporate social responsibility (CSR) performance affects the informativeness of their earnings conference calls. Controlling for confounding information from earnings releases, we find a positive association between CSR performance and the magnitude of...