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Do Opinions on Financial Misstatement Firms Affect Analysts' Reputation with Investors? Evidence from Reputational Spillovers
Lee, Lian Fen - 2017
We examine whether opinions on firms subsequently revealed to have misstated earnings affect analysts' reputation with … investors. We find that positive opinions by bullish analysts hurt their reputation, leading investors to react less to their … analysts issuing more negative opinions gain reputation and experience positive spillovers. Finally, for analysts who dropped …
Persistent link: https://www.econbiz.de/10012957809
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Does Information Uncertainty Affect Investors’ Responses to Analysts’ Forecast Revisions? An Investigation of Accounting Restatements
Barniv, Ran - 2010
Prior studies provide only limited evidence on how and why investors rely on analyst forecasts. We investigate one aspect of this research paradigm by examining investor response to analyst forecast revisions using accounting restatements as a proxy for uncertainty. We find that investors tend...
Persistent link: https://www.econbiz.de/10013138792
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How Does Earnings Management Influence Investors’ Perceptions of Firm Value? Survey Evidence from Financial Analysts
de Jong, Abe - 2014
Survey evidence shows CFOs to believe that earnings management can enhance investor valuation of their firms. This evidence raises the question of correspondence between the beliefs of CFOs and investors. Surveying financial analysts to gain insight into how earnings management influences...
Persistent link: https://www.econbiz.de/10013064719
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When European Analysts Disagree, Who Should You Pay Attention To?
Harvey, Campbell R. - 2010
Using a sample that post-dates important regulatory changes in Europe, we show that a buy recommendation from an analyst on a “consensus sell” stock is, on average, sufficient to cause the stock to start to rise in value. Similarly, a sell recommendation on a “consensus buy” stock can...
Persistent link: https://www.econbiz.de/10013146416
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Changes in Analysts’ Stock Recommendations Following Regulatory Action Against Their Brokerage
Call, Andrew C. - 2020
Despite the importance of sell-side analysts in the capital markets, we know little about the effectiveness of routine monitoring of the sell-side industry. We examine the attributes of sell-side research issued by analysts before and after their brokerage faces regulatory sanctions. We find...
Persistent link: https://www.econbiz.de/10012848489
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Changes in Analysts’ Stock Recommendations Following Regulatory Action Against Their Brokerage
Call, Andrew C. - 2020
Despite the importance of sell-side analysts in the capital markets, we know little about the effectiveness of routine monitoring of the sell-side industry. We examine the attributes of sell-side research issued by analysts before and after their brokerage is subject to regulatory sanctions. We...
Persistent link: https://www.econbiz.de/10012848962
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Do Differences in Analyst Quality Matter for Investors Relying on Consensus Information?
Michaely, Roni; Rubin, Amir; Segal, Dan; Vedrashko, … - 2022
This study investigates whether there are economic benefits for investors in analyzing differences in analyst quality. Although high-quality analysts’ average forecast is more accurate than the consensus forecast in firms with a large analyst following, the benefits of using high-quality...
Persistent link: https://www.econbiz.de/10013305920
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Do opinions on financial misstatement firms affect analysts' reputation with investors? : evidence from reputational spillover
Lee, Lian Fen; Lo, Alvis K. - In: Journal of accounting research 54 (2016) 4, pp. 1111-1147
Persistent link: https://www.econbiz.de/10011557677
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Shared Analyst Coverage : Unifying Momentum Spillover Effects
Ali, Usman - 2019
Appendix is available at: "https://ssrn.com/abstract=3395415" https://ssrn.com/abstract=3395415Identifying firm connections by shared analyst coverage, we find that a connected-firm (CF) momentum factor generates a monthly alpha of 1.68% (t = 9.67). In spanning regressions, the alphas of...
Persistent link: https://www.econbiz.de/10012901408
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Shared Analyst Coverage : Unifying Momentum Spillover Effects (Internet Appendix)
Ali, Usman - 2019
Full paper is available at: "https://ssrn.com/abstract=3015582" https://ssrn.com/abstract=3015582Identifying firm connections by shared analyst coverage, we find that a connected-firm (CF) momentum factor generates a monthly alpha of 1.68% (t = 9.67). In spanning regressions, the alphas of...
Persistent link: https://www.econbiz.de/10012869562