We explore a large sample of analysts' estimates of cost of equity capital (CoE) revealed in analysts' reports to evaluate their determinants and ability to capture expected stock returns. We first document that CoE estimates are more likely to be provided by less experienced and less busy...

In this paper, we study whether firm intangible information affects analyst behavior. We find direct evidence that when analysts make more judgment-intensive decisions, such as issuing stock recommendations, they overweight intangible information, leading to overreaction to intangible...

We survey the nascent literature on machine learning in the study of financial markets. We highlight the best examples of what this line of research has to offer and recommend promising directions for future research. This survey is designed for both financial economists interested in grasping...

We construct a market-level analyst sentiment index by aggregating textual tones of analyst reports. We find that analyst sentiment is high when investor sentiment is high or analysts support rather than correct investors’ overoptimistic views. Consistently, the analyst sentiment index...

We introduce a new measure of stock misevaluation, 𝑄, which is consistent with the Gordon growth model for firm valuation. In our empirical application, we use 𝑄 to relate analyst forecasts to stock returns and measure the profitability of investment strategies that rely on information in...

This research paper aim to examine the profitability of various kinds of oscillator used in technical analysis on market index of NSE (National Stock Exchange) S&P CNX NIFTY 50 during 2004-2014. We have selected the most commonly used three oscillators i.e., Stochastic oscillator, RSI Oscillator...

This study includes the description of indicators which can be used for technical analysis of Indian market Nifty stocks. The indicators which have been used in this study are Moving Averages, Moving Averages cross rules and Moving Averages Convergence/Divergence. Later this study also includes...

Using data for three publicly quoted firms, all of whom operate within the upstream oil industry, this study provides evidence for feasibility of incidence of contradictions (`contradictions of ranking') between a ranking of fundamental valuations, and corresponding ranking of market valuations....

In this paper, we forecast industry returns out-of-sample using the cross-section of book-to-market ratios and investigate whether investors can exploit this predictability in portfolio allocation. Cash-flow and return forecasting regressions show that cross-industry book-to-market ratios...

We integrate fundamental analysis with mean-variance portfolio optimization to form fully optimized fundamental portfolios. We find that fully optimized fundamental portfolios produce large out-of-sample factor alphas with high Sharpe ratios. They substantially outperform equal-weighted and...