We investigate the role of analyst following as a monitoring device reducing earnings management. In a large international sample, we fi nd that the more transparent the country, the stronger the reduction in earnings management activity associated with analyst following. More transparent...

CII Introduction: a consumer’s ability to understand, assess and form a personal attitude towards financial risk is a key component in building confidence in choosing and using financial products. From choosing what pension funds to invest in to deciding whether or not to take out protection...

CII Introduction: how much financial services regulation is appropriate to protect the public while promoting a free market has been a key debate within the industry and government in recent years, especially after the financial crisis and on the eve of a general election.[...]

[...]Our first suggestion is to reduce the fragmentation oftrading in STRIPS by assigning the same CUSIP number to allSTRIPS maturing on a common date—thus making thoseSTRIPS fungible with each other. In addition to enhancing theliquidity of the STRIPS market, this action would ensure...

[...]This paper examines the benchmark role of the U.S.Treasury market and the features that make it an attractivebenchmark. In it, I examine the market’s recent performance,including yield changes relative to other fixed-income markets,changes in liquidity, repo market developments, and...

CII Introduction: as the models for financial distribution face major changes in the upcoming Retail Distribution Review, the industry must better engage and communicate with consumers to meet the challenges of a new era. In this, the CII’s sixth Thinkpiece, AEGON’S Nick Hurman explains how...

Economic growth in the Gulfstates such as the UAE and Bahrain haveworldwide attracted attention in recent yearswith a burgeoning service sector tocomplement their considerable oil revenues.However many ask whether the currentrecession will stem this, or whether they are ina position to establish...

[...]In this article, we take a close look at a single yearin the U.S. Treasury securities market (which we refer to asthe bond market) and attempt to identify information thatmay account for the sharpest price changes and the mostactive trading episodes. Sharp price moves may be attributedto...

[...]This article provides the first detailed intraday analysis of the round-the-clock market for U.S. Treasurysecurities. The analysis, covering the period from April 4to August 19, 1994, uses comprehensive data on tradingactivity among the primary government securities dealers.Trading volume,...

This paper explores the complexities of government financial management in China andexamines the nature of the recent Public Finance Framework reform in that country. Weargue that this Public Finance Framework reform is not just the latest idea in a centrallydominated reform agenda (and a...