Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's...

We provide evidence of unreported trading by corporate insiders in their own firm's shares and link this activity to future firm earnings and analyst forecast error. Unreported trading are cases of discrepancies between insider shareholdings from trades reported to the Exchange and their...

We assess several aspects of analysts' forecasting performance for stocks included in Business Week's annual list of 100 “hot-growth” companies. We find that analysts underestimate earnings on average before stocks are included in the list, and that they tend to overestimate them afterward....

Presentation to the Singapore Shipping Association and at Nanyang Technological University. Basics of financial statements, what is valuation, valuation ratios, cash flow, asset-based, other issues and metrics

Books on Graham and Dodd-based valuation tend to be predominantly introductory in nature, and essentially present different interpretations of value investing, broadly defined. This book takes a different approach; rather than introduce a new variation on the value investing theme, it adopts the...

In this paper we examine the effect of financial analysts on the quality of corporate investment decisions. We show that greater analyst coverage leads to higher total factor productivity within firms, a finding that is robust after using both an instrumental variable approach and an...

Objective - This paper assesses the value of information disclosure in Malaysian analyst reports by examining three categories of firms, according to their age (young, medium and old).Methodology/Technique - The study uses a market-adjusted method to calculate the cumulative abnormal return and...

We develop a method for defining groups of peer firms on the basis of joint analyst coverage. Besides industry boundaries, analysts' coverage choices reflect other aspects of firm relatedness such as business model. We find that the analyst-based method produces substantially more homogenous...

Corporate governance (CG) reformists typically presume better-governed companies are more transparent to investors. We focus on CG and transparency in Japan, where CG has been an ongoing issue. Using local ratings of Japanese companies' CG, and data on corporate disclosures and their associated...

We examine the impact of trademarks (TMs) on the initial public offering (IPO) valuation process of firms, their future performance, and capital market resilience. We find that TMs play an ambivalent role in under-pricing, depending on their quality. The existence of TMs tends to increase...