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Keywords: analysts
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Journal Articles
The Accounting Review 1–33.
Published: 14 February 2024
...Johnathan A. Loudis ABSTRACT I use a novel decomposition to estimate information and bias components from the returns implied by analyst price targets and provide evidence that prices simultaneously under-react to information and over-react to bias. Price reactions to information are permanent...
Journal Articles
The Accounting Review (2022) 97 (4): 187–207.
Published: 01 July 2022
...Andrew C. Call; John B. Donovan; Jared Jennings ABSTRACT We examine whether lenders use analyst forecasts of the borrower's earnings as inputs when establishing covenant thresholds in private debt contracts. We find that, among debt contracts that include an earnings covenant, earnings thresholds...
Journal Articles
The Accounting Review (2022) 97 (4): 287–316.
Published: 01 July 2022
...Russell Jame; Stanimir Markov; Michael C. Wolfe ABSTRACT We examine how increased competition stemming from an innovation in financial technology influences sell-side analyst research quality. We find that firms added to Estimize, an open platform that crowdsources short-term earnings forecasts...
Journal Articles
The Accounting Review (2021) 96 (6): 361–396.
Published: 01 November 2021
... disaggregation criteria. Consistent with capital markets being informationally segmented by industry, I find that industry disaggregation is negatively associated with analyst forecast error and dispersion, and positively associated with analyst following and information transfers among analysts and investors...
Includes: Supplementary data
Journal Articles
The Accounting Review (2021) 96 (5): 107–132.
Published: 01 September 2021
...Mark T. Bradshaw; Brandon Lock; Xue Wang; Dexin Zhou ABSTRACT Both sell-side analysts and the media are information intermediaries in capital markets. This study investigates the association between sell-side analyst research and information in firm-specific news coverage. More frequent recent...
Journal Articles
The Accounting Review (2021) 96 (3): 121–140.
Published: 01 May 2021
...Thomas Bourveau; Kelvin K. F. Law ABSTRACT This study examines whether disruptive life events affect how analysts assess risk. We exploit the staggered arrival of hurricanes between 1996 and 2009 at analysts' office locations across the United States as a plausibly exogenous shock in the analysts...
Journal Articles
The Accounting Review (2020) 95 (3): 59–83.
Published: 01 May 2020
...Vineet Bhagwat; Xiaoding Liu ABSTRACT Does an equity analyst's trust in others impact the processing of information from outside sources? We investigate this question using a measure of trust based on surveys conducted in analysts' countries of origin. We find that more trusting analysts not only...
Includes: Supplementary data
Journal Articles
The Accounting Review (2020) 95 (1): 211–232.
Published: 01 January 2020
...Ohad Kadan; Leonardo Madureira; Rong Wang; Tzachi Zach ABSTRACT Sell-side analysts employ different benchmarks when defining their recommendations. A buy for some brokers means the stock is expected to outperform its industry, while for other brokers, it means the stock is expected to outperform...
Journal Articles
The Accounting Review (2018) 93 (5): 51–71.
Published: 01 September 2018
... funding from the Lee Kong Chian Fellowship. Editor's note: Accepted by Rachel M. Hayes, under the Senior Editorship of Mark L. DeFond. June 2015 November 2017 2018 XBRL analysts institutions information asymmetry The eXtensible Business Reporting Language (XBRL...
Journal Articles
The Accounting Review (2017) 92 (3): 1–29.
Published: 01 May 2017
...Brian Bratten; Cristi A. Gleason; Stephannie A. Larocque; Lillian F. Mills ABSTRACT We provide new evidence about how analysts incorporate and improve on management ETR forecasts. Quarterly ETR reporting under the integral method provides mandatory point-estimate forecasts by management, but firms...
Journal Articles
The Accounting Review (2016) 91 (4): 995–1021.
Published: 01 July 2016
...Mark T. Bradshaw; Lian Fen Lee; Kyle Peterson ABSTRACT The within-year walkdown of analysts' earnings forecasts has largely been attributed to analysts' incentives to curry favor with managers. We appeal to cognitive psychology literature on motivated reasoning and propose that forecasting...