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This study examines the impact of listing location, whether the stock is listed on the main board or the junior market of the London Stock Exchange, on the number of analysts following the stock. It also examines whether the determinants of analyst coverage can be conditional on listing...
Persistent link: https://www.econbiz.de/10013027893
public information. Overall, we find no evidence for a downward bias in unsolicited ratings …
Persistent link: https://www.econbiz.de/10013057451
are high. Consistent with these findings, we further document that trust also affects the foreign bias in institutional …
Persistent link: https://www.econbiz.de/10012828303
Investors often focus their attention on recent information only, underestimating the rele-vance of information from the distant past. In consequence, the ordering of historical re-turns robustly predicts future stock performance in the cross-section. Using data from 49 countries, we...
Persistent link: https://www.econbiz.de/10013230299
bias and herding in their stock recommendations occur due to incentives provided by relative performance evaluation and top …
Persistent link: https://www.econbiz.de/10013134116
We examine the role that political-economic factors play in shaping financial analyst bias using a series of scheduled …, provincial politicians have stronger incentives to bias analyst opinions toward optimism. Consistent with this intuition, we …
Persistent link: https://www.econbiz.de/10012909929
IFRS adoption improves foreign analysts' forecast accuracy. The change in analyst following increases with the distance … experience and with an international portfolio prior to mandated IFRS adoption in their home country. Local analysts' forecast …
Persistent link: https://www.econbiz.de/10013123762
Prior empirical evidence regarding the impact of dividend taxes, corporate taxes, and corporate governance on firm valuation is inconclusive. This study avoids some of the complications encountered in previous empirical work by exploiting institutional characteristics of REITs, such as their...
Persistent link: https://www.econbiz.de/10012952515
We study how investor sentiment affects stock prices around the world. Relying on households' Google search behavior …
Persistent link: https://www.econbiz.de/10012936540
that are biased by anti-herding. Furthermore, the level of bias (i.e. anti-herding) seems to be systematically higher for …
Persistent link: https://www.econbiz.de/10012938141