We draw on the investor protection literature to identify structural factors in the financial
reporting environment that are likely to explain cross-country differences in the information …

This article develops and implements a new test to investigate whether sell-side analysts
herd around the consensus when they make stock recommendations. Our empirical results …

This paper examines the value of analysts as industry specialists. We show analysts create
value in their recommendations mainly through their ability to rank stocks within industries …

This paper evaluates the information content of analysts' one-quarter-ahead earnings
forecast revisions and recommendation revisions at various points in event time relative to …

We provide the first simulation evidence of event-study test performance in multi-country non-
US samples. The nonparametric rank and generalized sign tests are more powerful than two …

Discover a structured, applied approach to behavioral finance with the first academic text of
its kind--Ackert/Deaves' BEHAVIORAL FINANCE: PSYCHOLOGY, DECISION MAKING, AND …

Although managers are interested in the financial value of customers and researchers have
pointed out the importance of stock analysts who advise investors, no studies to date have …

Early access to stock recommendations provides brokerage firm clients with incremental
investment value. After controlling for transaction costs, purchasing (selling) quickly …

This study examines irrational stock market reactions to analyst recommendation revisions
depending on investor sentiment levels prior to analyst report announcements. We construct …

Contemporary research documents various psychological aspects of economic decision
making. The main goal of our study is to analyze the role of the availability heuristic (,]) in …