This paper addresses the questions whether European mutual fund managers rely on sell-side analyst information with respect to their investment decisions and whether this behavior impacts fund performance. Based on a sample of over 4,300 European mutual funds and around 1.2 million portfolio...

After the financial crisis of 2008–2009, accounting research has placed considerable focus on developing new methods for analyzing forward-looking narrative statements in corporate disclosures. This paper uses Toulmin's (1958/2003) Claim-Data-Warrant argumentation scheme to develop a unique...

This paper examines whether textual management forecast commonalities that arise in a global crisis setting relate to ex post forecast accuracy, and whether subsequent analyst revisions confirm the credibility relevance of these commonalities. This approach is motivated by two conclusions....