Current evidence on the sophistication of analysts' cash flow forecasts is ambiguous. For example, Call et al. (2009) show that issuing cash flow forecasts has important benefits for analysts' earnings forecasts, while Givoly et al. (2009) question the validity of this result, arguing that...

Current evidence on the sophistication of analysts' cash flow forecasts is ambiguous. For example, Call et al. (2009) show that issuing cash flow forecasts has important benefits for analysts' earnings forecasts, while Givoly et al. (2009) question the validity of this result, arguing that...

This paper explores the opportunities for existing Indian IT clusters to upgrade and undertake financial research activities. Wholesale financial activity and the accompanying financial research in banks are still highly concentrated in Western financial centers. Increasing competition in the...

We investigate the relationship between core specialization, earnings forecast accuracy, and the employment prospects of international equity analysts over the period 1996-2002. We find that forecast accuracy is higher for stocks that are part of the core of an analyst's research portfolio....

We identify a specific organizational resource in brokerage houses—information sharing among analyst colleagues who cover economically related industries along a supply chain. After controlling for brokerage selection effects, we show evidence consistent with the benefit of this resource to...

We examine the relation between accounting reporting complexity and analysts’ performance and whether analysts’ qualifications, experience, and expertise in specific financial domains help them more effectively process complex information. We document an inverse relation between complexity...

Using a sample of all-star analysts who switch investment banks between 1988 and 1999, we examine (1) whether analyst behavior is influenced by investment banking relationships and (2) whether analyst behavior affects investment banking deal flow (debt and equity underwriting and corporate...

We examine the dynamic forecasting behavior of security analysts in response to their prior performance relative to their peers. In a multi-period Bayesian learning model where an analyst and her employer (the investment bank or brokerage house) bargain over the surplus that she generates in...

Financial analysts serve an important role as intermediaries between firms and investors. In this paper, I investigate factors associated with variations in analyst following using an international sample. Prior research has found that analyst coverage is positively associated with overall firm...

This paper examines international differences in analyst forecast properties using 42 countries. Properties of the forecasts, specifically dispersion and error, are hypothesized to be a function of country-specific, firm-specific, and discretionary components, the latter component including...