We investigate the relation between core specialization, earnings forecast accuracy, and the employment prospects of international equity analysts over the period 1996-2002. Specifically, we address the following issues: (1) Are analyst earnings forecasts more accurate for core stocks than for...

In this paper, we study economic forces and constraints that shape analyst research coverage along country and sector dimensions. Our results support the hypothesis that analyst portfolios are structured to capture economies of scale in information acquisition and production. Specifically, the...

This paper examines the relationship between corporate takeovers and the hoard of directors as alternative control mechanisms to discipline top management. Previous research shows that CEO turnover subsequent to corporate takeovers is inversely related to pre-takeover market-related performance....

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This study provides insights into the forces and constraints that shape analyst research coverage along country and sector dimensions and the impact of the structure of an analyst's portfolio on forecast accuracy. We find that analyst specialization by country and sector is sensitive to...

Consistent with the view that “busy” analysts face time and effort constraints in monitoring firms, we find that higher busyness lowers firm valuation. The underlying mechanisms include lower operating performance, higher cost of capital, greater earnings management, excessive CEO...

We study the relation between the market reaction to analyst recommendation changes and the structure of analysts' research portfolios. We find that analysts maintain more positive recommendations for stocks that belong to the quot;core industryquot; in their research portfolios, and are more...