This study investigates how accounting harmonization affects one particular group of financial statement users - financial analysts. We find that mandatory IFRS adoption attracts foreign analysts, particularly those from countries that are simultaneously adopting IFRS along with the covered...

Using a large sample of target price forecasts for 6,415 U.S. firms from 1999 to 2011, we find that target price changes predict institutional trading, even after we control for changes in both stock recommendations and earnings forecasts. The impact of target price changes is economically...

Using hand-collected data on analyst locations, we study how geographic proximity affects analyst coverage decisions for U.S. firms that went public during 1996-2009, along with the impact of local coverage on firm visibility. Analysts are 80% more likely to cover local firms than non-local...

This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local...