Capitalizing on a quasi-natural experiment in China where certain investment banks become investible to the global market across different periods, we explore the role that stock market liberalization plays in shaping local analysts' incentives to provide high quality forecasts. In a staggered...

This study examines the usefulness of analysts’ book value forecasts and the economic factors driving analysts’ issuance of these forecasts. Guided by the real-options-based valuation model (ROM) of Zhang (2000), we explicitly link book value forecasts to the need for such information in...

This study examines the usefulness of analysts’ book value forecasts and the economic factors driving analysts’ issuance of these forecasts. We first establish that analysts’ book value forecasts are superior to forecasts that are mechanically imputed from analysts’ own earnings...

We examine how information disclosures from private firms affect analysts’ public firm earnings forecasts. On one hand, private firm disclosures allow analysts to better understand industry-wide business conditions, enabling them to forecast the peer public firm earnings more accurately. On...