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...

We examine the effect of signal attributes and analyst identity on the price impact of an earnings forecast revision. We measure the price impact immediately upon the release of a forecast, as well as over the next twenty-four months. We find that an analyst's own prior forecast and the...

We investigate the relation between analyst stock recommendations and eight concurrently available variables that have predictive power for stock returns. We find that analysts generally pay little attention to the large sample predictive attributes of these variables. In seven out of eight...

This paper examines the interaction between an analyst's disclosure and a manager's earnings report. We show how the nature of the analyst's information affects the quality of reported earnings. We also provide conditions for the analyst's disclosure to reduce the quality of investor information...

This study examines the relation between changes in portfolio composition of brokerage-owned mutual funds and earnings forecasts of sell-side analysts employed by the same firm. We find that these analysts are consistently optimistic for securities that represent new investments for their mutual...

This paper considers the potential for public information disclosures to complement the existing private information of financial analysts. In such a setting, analysts allowed to participate during earnings conference calls by asking questions receive public signals that can facilitate the...

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...

Regulators' interest in analyst reports stems from the belief that small investors are unaware of the conflicts sell-side analysts face and may, as a consequence, be misled into making suboptimal investment decisions. We examine who trades on security analyst stock recommendations by extending...

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...