Measuring the information environment of firms using analyst (price) forecast bias and forecast dispersion before listing, we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings (IPOs). We find...

This article examines the effect of financial analysts’ knowledge structure on their forecast performance based on manually collected data of 1590 sell-side financial analysts’ education background. The longer the period of higher education in one major, the profounder the knowledge in a...

Motivated by recent controversies on the information role of financial analysts, this study examines whether firm level transparency proxied by accounting quality affects the mix of market/industry-wide vs. firm-specific information provided by analysts. Specifically, we show that better...

We propose an aggregate technical trading index by extracting the most relevant forecasting information contained in 7,846 technical trading rules to predict equity risk premium in the U.S. The proposed method is based on the false discovery rate and partial least squares approaches that...