An informational advantage enjoyed by select few around material announcements was the concern raised by SEC in passing Regulation Fair Disclosure. To date, no large study has examined this question. We document stock price movements in the direction of the news two days prior to the...

There is compelling empirical evidence to suggest that good news about corporate performance comes out early but bad news comes out late. Regardless of the underlying reason for such differential timing, existence of such systematic behavior leads to three related questions that we seek to...

This research re-examines whether there are differences in the forecast accuracy of financial analysts by comparing their annual earnings per share forecasts. The comparison of analyst forecast accuracy is made on both an ex post (within sample) and an ex ante (out of sample) basis. Early...