A világ tőkepiacain zajló koncentrációs folyamat során egyre jobban érezhető a tőzsdék élesedő versenye. Ez megmutatkozik a kibocsátókért, a tőzsdetagokért folytatott versenyfutásban, valamint a kereskedési rendszerek hatékonyságra és rugalmasságra törekvésében. Ezért...

Fifty or so years ago, the concept of the financial ratio was popularized as a means of eliminating or adjusting for the effect of firm size in cross-sectional analyses of financial statements. Since that time, financial ratios have been used in hundreds, or perhaps thousands, of research...

This paper examines the revisions in earnings expectations for non-announcing firms following the earnings announcements of related firms. Specifically, using quarterly earnings data I examine whether such revisions are predictable based on the information released by the announcing firm....

We investigate the incremental information conveyed by management forecast errors over and above the consensus analyst forecast error at the time of earnings announcement. To the extent that analysts rationally revise their forecasts to subsume information contained in management releases, it is...

Li (2011) proposes a quarterly earnings prediction model for loss generating firms, shows that it produces better specified future earnings estimates relative to naïve quarterly forecast models, and that it can be used to form a trading strategy that produces economically significant annual...

Despite the prevalence and importance of humor in interpersonal communication, the disclosure literature is silent on the use of humor in the context of corporate communication. Using a sophisticated machine learning algorithm, we identify managers’ successful uses of humor during public...

We find that analysts who issue more accurate earnings forecasts also issue more profitable stock recommendations. The average factor-adjusted return associated with the recommendations of analysts in the highest accuracy quintile exceeds the corresponding return for analysts in the lowest...

We show that abnormal returns to analysts' recommendations stem from both the ratings levels assigned as well as the changes in those ratings. Conditional on the ratings change, buy and strong buy recommendations have greater returns than do holds, sells, and strong sells. Conditional on the...

Financial reporting around the time of IPOs is consistent with listed firms reporting more conservatively than previously as private firms, consistent with the results in Ball and Shivakumar (2005). We hypothesize that IPO firms supply the higher quality financial reports demanded by public...

We find evidence that conflicts of interest arising from Mamp;A relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions in a setting, i.e. Mamp;A relations, not previously examined in research on analyst conflicts. In addition, the Mamp;A context...