Random changes in firms' stock index membership have important implications on sell-side analysts' career outcomes. Covered firms moving from the bottom of Russell 1000 to the top of Russell 2000 significantly increase an analyst's likelihood of moving to a high-status broker or receiving a...

We examine whether the social media reaction to an important firm disclosure provides a signal of the quality of that disclosure and whether capital market participants’ reactions to the disclosure are consistent with the social media reaction. Specifically, we examine the sentiment of posts...

Exploring mandatory financial reporting frequency changes in the US from 1954 to 1972, we find that a mandatory increase in reporting frequency is associated with an increase in firms’ future earnings response coefficients (FERC). This effect is stronger for firms with higher sales seasonality...

Contract terms that improve or reduce the likelihood of repayment of a debt should impact its price. That's basic economics. But what about a contract that is hundreds of pages long and has lengthy and complex terms that even the lawyers are unwilling to read? Believers in efficient markets...

This paper studies the interplay between environmental performance and financial valuation of firms in Latin America and the Caribbean. We provide insights into how environmental considerations are integrated into financial decision-making and investor behavior by analyzing the stock market...

The main goal of this paper is the empirical examination of the Polish stock market reactions to dividend announcements and dividend payouts made by the companies listed on the Warsaw Stock Exchange (WSE). The research sample comprises 56 companies (WIG index constituents) that announced...

This article aims to explain the idea of X-efficiency, which indicates the difference between potential and actual output. If any business subject produces below its own potentials, it can be considered X-inefficient. To determine whether X-inefficiency in Croatian companies exists, how large it...

The influx of people attending sport events involves creating wealth in the environment where they are held. To understand the impacts of these events on the host community, it is necessary to analyze the main explanatory variables in relation to models of buying behavior in tourism, so as to...

The efficient-market hypothesis (EMH) is one of the most important economic and financial hypotheses that have been tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against EMH, some academics have questioned whether EMH is...

This paper investigates herding behavior and the connection between herding behavior and investor sentiment. We apply a Cross-Sectional Absolute Deviation (CSAD) approach and the quantile regression method to capture herding behavior in the KOSPI and KOSDAQ stock markets. The analysis results...