This study examines the extent to which analyst recommendations were useful in identifying earnings surprises during the pre- and post- Regulation FD periods. A comparative analysis of the association between recommendation revisions and subsequent earnings surprises suggests a significant...

Research has shown that a trading strategy based on publicly available accounting accrual information can earn abnormal returns of approximately 10 percent in the year after it is applied. This article reports a study of whether this quot;accruals anomalyquot; is sensitive to company size. The...

This study examines investors' reaction to managers' use of contrastive words (words that introduce corrective and/or unexpected information) during the question and answer (Q&A) sessions of conference calls. We document evidence that managers' use of contrastive words is an indicator of the...

This study examines the performance of analyst recommendations made for securities listed in the Istanbul Stock Exchange (ISE). We investigate the long-run abnormal returns of a trading strategy that purchases (sells) stocks with the most (least) favorable recommendations. We also examine the...