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 study examines the effect of equity ownership by managers on a firm's information environment vis-agrave;-vis its effect on analyst forecast accuracy and analyst following. We collect a sample of over 26,000 observations on managerial ownership during 1988-2002 and find that managerial...

This study investigates the effects of some characteristics of the French corporate governance model - deemed to foster entrenchment and facilitate private benefits extraction - on the extent of analyst following. The results show that analysts are more likely to follow firms both with high...

We examine whether analysts anticipate the public disclosure of accounting frauds by studying a sample of companies that have committed fraud as evidenced by the Security and Exchange Commission (SEC) issuance of an Accounting and Auditing Enforcement Release (AAER). We use survival analysis to...

This study examines whether analysts' forecast revisions exhibited increased herding behavior following the adoption of Regulation Fair Disclosure. A recent model by Arya, Mittendorf, and Narayanamoorthy (2005) projects that one potential consequence of Regulation Fair Disclosure might be...

Abstract: Using earnings restatement firms, this study takes a disaggregate approach to examine two issues related to earnings management: (1) are specific accruals related to specific types of earnings manipulations as admitted by the restatement firms; and (2) does management, concerned with...

Using a sample of over 10,000 earnings-related conference call transcripts, we examine the determinants of within-firm variation in the length of managers' presentation and analyst discussion periods during earnings-related conference calls. We find that managers' presentations are longer when...

This paper examines whether industry efforts to increase uniformity and improve transparency of a non-GAAP performance measure change manager behavior and market perceptions. We find that the frequency of REITs meeting or beating analysts' expectations of funds from operations (FFO) decreased...

This study examines the impact of SFAS No.141 on business combination reporting. Specifically, I predict smaller analysts' earnings forecast errors as a result of elimination of pooling and more informative disclosures for merging firms after the adoption of SFAS No. 141. I restrict my post-SFAS...

Using NYSE TAQ data, we compute MLEs of the primitive parameters of a Kyle-type model, including the variance of fundamentals given only public information, the variance of errors in private signals, and the variance of uninformed liquidity trading (noise). An out of sample test shows that the...