This paper investigates factors associated with high quality Enterprise Risk Management (ERM) programs in financial services firms, and whether ERM quality enhances performance and signals credibility to the financial markets. ERM, developed with the assistance of the accounting profession,...

This study examines how stock prices behave following events where firms announce to have no new news but experience large price changes. The Istanbul Stock Exchange (ISE) provides a natural experimental ground for the examination of such an event. The ISE, when there is unusual market activity,...

The European Commission passed Markets in Financial Instruments Directive II (MiFID II), in part, to unbundle brokers' execution and research services. We empirically examine the effectiveness of MiFID II in achieving this goal and find that the trading volume generated by the brokers that...

We investigate whether cross listing shares in the form of depositary receipts in overseas markets benefits investors in emerging market countries. To test our hypotheses we analyze the differential stock price responses of cross-listed (CL) and non cross-listed (NCL) firms to financial crises...

We document a walk-down in GDP growth projections that is akin to that in sell-side analysts' earnings forecasts. While the walk-down in earnings forecasts has been generally attributed to the strategic interplay between corporate managers and sell-side analysts, professional macro forecasters...

Recent research finds that many analyst recommendation revisions take place shortly after earnings announcements. Altinkilic and Hansen (2009) attribute the clustering of recommendations to analysts strategically piggybacking on earnings information to improve the perceived performance of their...