..., as linked in the text. Editor’s note: Accepted by Cristi A. Gleason, under the Senior Editorship of W. Robert Knechel. 19 05 2022 12 12 2023 12 01 2024 2024 expected returns cross-section analysts price targets market efficiency price drift return reversal...

... 2023 2024 bank regulation bank failure prediction financial statement analysis risk-weighted assets riskiness of banks financial crisis capital adequacy loan default contagion market efficiency The adequacy of a bank’s equity capital is of paramount importance, not only...

... of Pennsylvania, Santa Clara University, University of Washington, and Stanford University for helpful feedback and discussion. All errors are our own. 1 11 2018 1 4 2020 2021 earnings announcements price informativeness information acquisition price discovery market efficiency Tick...

... financial analysts incentives trading strategy market efficiency Sell-side financial analysts provide target prices to quantify the investment potential of a stock. Yet prior literature finds that analysts' target prices are generally inaccurate and optimistically biased (e.g., Bradshaw, Brown...

.... Editor's note: Invited. May 2018 December 2018 2019 fundamental analysis quantitative investing market efficiency In the mathematical phrase, a satisfactory statistical exhibit is a necessary though by no means a sufficient condition for a favorable decision...

... disorder analyst forecasts market efficiency Editor's note: Accepted by Mark Bradshaw, under the Senior Editorship of Mark L. DeFond. In this equation, PrGap = 10,000 × (Actual annual EPS − Forecasted annual EPS)/Stock Price. SAD = number of hours from sunset to sunrise...

... the capital market discounts for strategic motives, if any, when reacting to earnings announcements. tone management qualitative disclosure earnings management market efficiency behavioral finance 2014 November 2011 October 2013...

... thank Xuan Huang and Peng-Chia Chiu for expert research assistance. Editor's note: Accepted by John Harry Evans III. January 2012 September 2013 2014 book-tax differences arbitrage market efficiency anomalies mispricing...

... and Securities Prices . New York, NY : Basic Books . Fama , E . 1998 . Market efficiency, long-term returns, and behavioral finance . Journal of Financial Economics 49 ( 3 ): 283 – 306 . 10.1016/S0304-405X(98)00026-9...

...Siew Hong Teoh; Yinglei Zhang ABSTRACT Ex post trimming of extreme returns observations that are not data errors causes spurious inferences in tests of market efficiency and behavioral explanations for anomalies. Trimming causes a downward truncation bias in estimated mean returns...