The poor stock price performance of firms conducting initial public offerings is one of the recent puzzles in financial literature. We detect this market anomaly for Spanish IPO firms and we investigate whether earnings management around the time of the offering can explain these results....

We examine the impact of Regulation Fair Disclosure on the competitive advantage of All-Star analysts as measured by turnover in the rankings. Institutional Investor All-Americans, chosen by votes of institutional investors based on overall helpfulness, experienced a significant increase in...

This paper uses several approaches to assess the impact of the Security and Exchange Commission's (SEC) scrutiny of firms' purchase accounting and in-process research and development (IPRamp;D) write-offs taken during 1997 and 1998. Using hand collected data, I examine the characteristics of...

This paper examines whether the quality of stock analysts' forecasts is related to conflicts of interest from investment banking and brokerage. We consider four aspects of forecast quality: accuracy, bias and revision frequency of quarterly earnings per share (EPS) forecasts, and relative...

This study offers evidence on the earnings forecast bias analysts use to please firm management and the associated benefits they obtain from issuing such biased forecasts in the years prior to Regulation Fair Disclosure. Analysts who issue initial optimistic earnings forecasts followed by...

In Sweden the authorities regulate only a minor part of the content in the IPO prospectus. Therefore, much of the information in an IPO prospectus is voluntary disclosed. An IPO is characterized by a high degree of information asymmetry, so consequently an IPO should disclose a high level of...

Using unique data on brokerage-firm trading volume, I examine whether analysts' earnings forecasts and recommendations generate trading volume for their brokerage firms. I find that analysts' forecasts differing from the consensus forecast generate signif icant brokerage-firm volume in the...

This paper examines how the quality of stock analysts' forecasts is related to conflicts of interest from investment banking and brokerage. We consider four aspects of forecast quality: accuracy, bias and frequency of revision of quarterly earnings forecasts, and relative optimism in long-term...

This study investigates local analyst earnings forecast advantages in Europe. Information asymmetries or different incentives may drive hypothesized local advantages. Statistically significant, but not overwhelming, evidence indicates that local analysts forecast earnings more accurately than...

Institutional investors are often assumed better informed but settings in which they are better informed or the sources of their advantage are not identified. We examine a setting that demonstrates institutional investors' information advantage and their source. We show that transient...