The corporate information environment develops endogenously as a consequence of
information asymmetries and agency problems between investors, entrepreneurs, and …

We examine the relations among analyst coverage, analyst optimism, and firm-specific stock
price crash risk. Using a unique Chinese database, we find that an increase in a firm's …

R&D investment reduces current profits, so short‐term pressure to hit profit targets may
distort R&D. In the data, firms just meeting Wall Street forecasts have lower R&D growth and …

Abundant research has found optimistic bias in analysts' earnings forecasts. Using a sample
of Chinese listed companies from 2008 to 2017, this paper investigates how stock dividend …

The transition from amortization to the impairment-only approach in IFRS 3 and CAS 8
(China's accounting standards) increased managerial discretion when estimating goodwill …

We analyze a model in which information may be voluntarily disclosed by a firm and/or by a
third party, eg, financial analysts. Due to its strategic nature, corporate voluntary disclosure is …

This study examines the association between annual report readability and equity
mispricing. Consistent with low annual report readability impeding the efficient and accurate …

This paper primarily studies the effects of irrational factors (investor sentiment) on analysts'
forecast bias and the impacts of rational factors (conflicts of interest) on the sentiment …

Existing literature assumes that the order and timing of analysts' earnings forecasts are
determined exogenously. However, analysts choose when to issue their forecasts. This …

We study the relation between audit committee accounting expertise, analyst following, and
market liquidity. Our main results indicate that analyst following increases subsequent to the …