This study investigates the behavior of sell-side analysts covering firms that are about to experience breaks in strings of consecutive quarterly earnings increases. I offer evidence that analysts downgrade their recommendations and break quarter earnings estimates right before announcement of...

Bankruptcy prediction models developed by Altman (1968) and Ohlson (1980) are often used in empirical accounting research to indicate firms' relative likelihoods of bankruptcy. However, use of these models in their original forms on current datasets may introduce measurement error into the...

This paper examines how market prices, volume, and traders' dividend expectations respond to public information releases in laboratory markets for a long-lived financial asset. The objective is to study deviations from the symmetric information risk-neutral rational expectations (RE) benchmark,...

Empirical accounting researchers often use Altman's (1968) and Ohlson's (1980) bankruptcy prediction models as indicators of financial distress. While these models performed relatively well when they were estimated, we show that they do not perform as well in more recent periods (in particular,...