This article examines the effect of financial analysts’ knowledge structure on their forecast performance based on manually collected data of 1590 sell-side financial analysts’ education background. The longer the period of higher education in one major, the profounder the knowledge in a...

During times when the Chinese government wished to prop up the market, sell-side analysts from brokerages with significant government ownership issued relatively less pessimistic (or more optimistic) earnings forecasts, earnings-forecast revisions, and stock recommendations; they were also...

Measuring the information environment of firms using analyst (price) forecast bias and forecast dispersion before listing, we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings (IPOs). We find...

Using Chinese comment letters data, we investigate the impact of the disclosure of comment letters on the cost of debt financing. Empirical results show that when the comment letters are publicly disclosed, creditors charge borrowers significantly higher cost of debt financing. Furthermore, when...

As an important reform of supervision, the comment letter mechanism adopted by the Shanghai Stock Exchange and the Shenzhen Stock Exchange has been paid much attention by regulators and academics. Taking Chinese A-share listed firms from 2015 to 2018 as our samples, this paper investigates the...