In this paper we examine the profitability of trading strategies based on target prices embedded in equity research reports. We adopt target prices as information signals to build our portfolio strategy. At the first stage, we exploit implicit returns (difference between the current price and...

Using a sample of 622 companies in 25 countries over a four-year period (2003ndash;2006), we investigate the translation risk hedging strategy of multinational companies. We find that a significant percentage of companies (47%) actively manage their translation risk. A credit rating...

We test the impact of differential levels of capital injection and different regions of incorporation on the governance structure of portfolio companies.Using a unique hand-collected questionnaire-based dataset from 164 companies in 5 countries (US, UK, France, Germany, Spain and Sweden) we shed...

Analysts' target prices have received limited attention in academic research. In this paper we try to fill the gap by developing an innovative multi-layer accuracy metric that we test on a novel database. Our analysis shows that forecasting accuracy is very limited: prediction errors are...

This book offers: A balanced blend of theory and practice: authors hold academic positions at top ranking universities and business schools and are also investment bankers, private investors or sit on the boards of listed and unlisted companies A presentation of concepts that explain situations,...