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This study examines the reactions of the Spanish capital market and financial analysts to CEO presentations organized by the Spanish Society of Financial Analysts. The sample contains 156 presentations that took place during the period 1994-2000. To estimate the effect of these meetings -on...
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We examine the dynamic forecasting behavior of security analysts in response to their prior performance relative to their peers within a continuous time/multi-period framework. Our model predicts a U-shaped relationship between the boldness of an analyst's forecast, that is, the deviation of her...
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This paper illustrates an approach to modelling judgement. Mathematically, derived sequential decision tree models of judgement are constructed using the Classification And Regression Tree (CART) algorithm developed by Breiman et al. (1984). This technique was selected because it attempts to...
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To what extent conflicts of interest affect the investment value of sell-side analyst research is an ongoing debate. We … approach this issue from a new direction by investigating how asset-management divisions of investment banks use stock …, especially for recommendations on small and low-analyst-coverage firms. Thus, we find that investment banks “eat their own …
Persistent link: https://www.econbiz.de/10011065741
Security analysts, analyst forecast and market reaction are anecdotal in restructuring transactions, sometime conflicting and some other time imperative to the process of transaction. This article attempts to highlight a consistent association between analyst, market reaction and corporate...
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