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124
Contribution of Sell-Side Equity Analyst Reports to Client’s Return and Stock Price Efficiency: Indonesia Stock Market Evidence
, 2013
"... The present study investigates whether equity analyst reports benefit clients and improve stock price efficiency. Company-focus reports issued and documented by six brokerage companies in Indonesia are collected and the analysis focuses on the revisions of stock recommendations (upgrade, downgrade, ..."
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The present study investigates whether equity analyst reports benefit clients and improve stock price efficiency. Company-focus reports issued and documented by six brokerage companies in Indonesia are collected and the analysis focuses on the revisions of stock recommendations (upgrade, downgrade
Sell Side School Ties
, 2008
"... We study the impact of social networks on agents’ ability to gather superior information about firms. Exploiting novel data on the educational backgrounds of sell side equity analysts and senior officers of firms, we test the hypothesis that analysts’ school ties to senior officers impart comparat ..."
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Cited by 16 (4 self)
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We study the impact of social networks on agents’ ability to gather superior information about firms. Exploiting novel data on the educational backgrounds of sell side equity analysts and senior officers of firms, we test the hypothesis that analysts’ school ties to senior officers impart
Who is Afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC's Fair Disclosure Rules
- Journal of Business
, 2006
"... Analysts Following the SEC’s Fair Disclosure Rules Effective October 23, 2000, the Securities and Exchange Commission adopted a set of fair disclosure rules (‘Reg FD’) that prohibit companies from disclosing earnings or other material business information to some analysts or large investors before a ..."
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Cited by 34 (0 self)
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announcing it publicly. This paper empirically analyzes the implications of these new rules on several aspects of the behavior and performance of sell-side equity analysts. We analyze forecasts made for a large sample of public companies for three post-FD quarters and for several pre-FD years. We estimate
Geographic Diffusion of Information and Stock Returns
, 2014
"... This study shows that value-relevant information about firms is geographically distributed across U.S. states and the market is slow in aggregating this information. The earnings and cash flow of firms can be predicted using the past performance of firms in economically relevant geographical regions ..."
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Cited by 1 (1 self)
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regions, but sell-side equity analysts and institutional investors do not fully incorporate this information in their earnings forecasts and trades, respectively. Consequently, firms exhibit stronger post-earnings-announcement drift and stronger momentum in returns when geographic information is more
and the Society of Quantitative Analysts for helpful comments. We also thank Nick Kennedy,
, 2008
"... for excellent research assistance. In addition, we are grateful to BoardEx and Linda Cechova for providing firm board data, and to Devin Shanthikumar and Alexander Ljungqvist for sharing data with us. We study the impact of social networks on agents ’ ability to gather superior information about fir ..."
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firms. Exploiting novel data on the educational backgrounds of sell side equity analysts and senior officers of firms, we test the hypothesis that analysts ’ school ties to senior officers impart comparative information advantages in the production of analyst research. We find evidence that analysts
The Performance of Analysts with aCFA Designation: The Role of Human-Capital and Signaling Theories
, 2009
"... This study compares the performance of sell-side equity analysts with and without a Chartered Financial Analyst (CFA) designation. Using a large sample of forecasts, our tests indicate that CFA charterholders issue forecasts that are timelier than those of non-charterholders. The results for accurac ..."
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This study compares the performance of sell-side equity analysts with and without a Chartered Financial Analyst (CFA) designation. Using a large sample of forecasts, our tests indicate that CFA charterholders issue forecasts that are timelier than those of non-charterholders. The results
Mutual Forbearance and Competition among Security Analysts•
"... Abstract. Research in industrial organization and strategic management has shown that rivals competing with each other in multiple markets are more willing to show each other mutual forbearance, i.e., compete less aggressively. Sell-side equity analysts typically cover multiple stocks in common with ..."
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Abstract. Research in industrial organization and strategic management has shown that rivals competing with each other in multiple markets are more willing to show each other mutual forbearance, i.e., compete less aggressively. Sell-side equity analysts typically cover multiple stocks in common
Alok Kumar
, 2013
"... This study shows that value-relevant information about publicly traded U.S. firms is geographically distributed and the market is slow in aggregating this information. Specifically, we demonstrate that the earnings and cash flows of firms can be predicted using the past performance of other firms in ..."
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in economically relevant geographical regions. However, sell-side equity analysts and institutional investors do not fully incorporate geographically dispersed information in their earnings forecasts and trades, respectively. Consequently, firms exhibit stronger post-earnings-announcement drift and stronger
Information, sell-side research, and market making.
- Journal of Financial Economics
, 2008
"... Abstract We explore the role of investment banks in the market for equity shares. Specifically, we examine the interaction between a firm's decision to provide sell-side research coverage and the decision to act as a market maker for Nasdaq firms. We find that banks begin making a market in fi ..."
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Cited by 5 (0 self)
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Abstract We explore the role of investment banks in the market for equity shares. Specifically, we examine the interaction between a firm's decision to provide sell-side research coverage and the decision to act as a market maker for Nasdaq firms. We find that banks begin making a market
Leveling the playing field: financial regulation and disappearing local bias of institutional investors. Unpublished working paper
, 2012
"... Abstract – This study examines whether exogenous regulatory shocks induced by Regulation Fair Disclosure and the Sarbanes-Oxley Act reduce the local bias and the local informational advantage of institutional investors. We find that, following regulatory changes, the local bias and local information ..."
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Cited by 3 (0 self)
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. Even at the aggregate market-level, the degree of informed trading attributed to local investors declines. The local informational advantage of sell-side equity analysts who are more likely to have selective access exhibits a similar declining pattern and disappears in the post-regulation period
Results 1 - 10
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124
