Purpose: Financial analysts have been found to be overconfident. The purpose of this paper is to study the ramifications of that overconfidence on the dispersion of earnings estimates as a predictor of the US business cycle. Design/methodology/approach: Whether aggregate analyst forecast...

This study examines whether investors overreact to bad news during good times and under react to bad news during bad times. We examine investors' reaction to bad news during economic cycles for a sample of 445 U.S. firms issuing voluntary disclosures of profit warnings prior to a quarterly...

Some U.S. politicians advocate policy to inhibit share repurchases. We can learn from corporate reaction to such a new policy in India. The Indian federal government recently levied a 20 percent tax, plus surcharge, on share repurchases. We show that companies did not slow down their share...

This paper investigates the relationship between commodity prices of crude oil, capital structure, firm size and accounting measures of firm performance using a sample of oil and gas firms from 1990 to 2008. We employ estimates based on panel least squares, a fixed effects model and a random...