The extant research indicates that analysts' long-term earnings growth forecasts are especially optimistic for past winners, and have little predictive power to distinguish between high-growth and low-growth firms. In explaining the poor informational value of analysts' long-term earnings growth...

The extension of trading hours to provide more trading opportunities and improve price efficiency has increasingly been discussed. However, currently, there is limited trading activity during the stock market's extended-hours trading session. Thus, we should examine whether the extension of...

Despite the introduction of sophisticated stock market indices, investors often trade portfolios of the flawed indices to change their exposure to the market. In this study, we show that these transactions cause significant mispricing in individual stocks, especially during periods of...

Existing studies have argued that market-wide sentiment primarily affects individual noise traders, rather than other sophisticated market participants. Contrary to this perspective, in this study, we find that financial analysts, who are sophisticated market participants, may be more vulnerable...

This study explores the reasons for the slow price reactions to analysts' recommendation revisions. We predict that analysts' recommendation revisions contain earnings-related information that is not incorporated in analysts' earnings forecasts and that the slow price reaction is attributable to...