We are grateful to workshop participants at the University of Illinois at Chicago for their comments on the paper. We thank the University of Illiniois at Chicago for financial support of this project. The Role of Security Analysts and its Implications for Regulation FD We examine analysts

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

We examine persistence of analyst forecast accuracy before and after the passage of Regulation FD. Individual analysts are ranked based on their forecast accuracy and we track their ranking over time. Before Regulation FD we find that analysts exhibit a degree of persistence in that top ranked

This paper studies changes in the information environment brought about by Regulation Fair Disclosure (FD), which was implemented on October 23, 2000. FD now prohibits U.S. public companies from making selective, non-public disclosures to favored analysts and portfolio managers. FD, however, has a

In this paper, we analyze how financial analysts generate information, make decisions about firm coverage, and try to maintain their forecasting accuracy after the passage of Regulation Fair Disclosure (“Reg FD”). Using the model developed by Barron, Kim, Lim, and Stevens 1998, we find that analy

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“Exchange Act”) and for reports of nonpublic information required to be disclosed by Regulation FD. This checklist summarizes the disclosure requirements of Form 8-K. It is not to be

This paper studies the long-term effect of Regulation Fair Disclosure (Regulation FD) on financial analysts ’ forecasting behavior in Retail Goods Industry. During the 5 year window before and after Regulation FD, it uses 2-SLS regression and VAR model to test whether it has been harder

In considering the reduction of VOC emissions from painting operations, one nust consider the ultimate goal: reduction of sc.lver;t emissions iiito the atmosphere. Regulations, adopted by indastry, that 30 not effect this goal serve little purpose. The following discussion presents the requriements