We document that institutional herding behavior is associated with analyst target price revisions even after controlling for the effects of analyst recommendations and earnings forecasts, and provide insights into the price impact of institutional herding. Institutional investors tend to buy the...

Both Excel skill and financial modeling skill are essential for finance students. When building a financial model in Excel, it is important to keep it clear, concise and consistent. But an even better model would be flexible, robust, and dynamic. This paper uses three detailed examples to...

The global COVID-19 pandemic has upended our daily lives in unprecedented ways. Several extraordinary economic events have occurred and have brought some intriguing and important questions to everyone’s mind, creating an immersive teaching and learning environment. This paper shows how...

Mainstream finance textbooks present valuation formulas of annuities, perpetuities, stocks, and bonds, but the texts seldom explain the story behind them, leaving students in the dark about why these formulas work. The aim of this paper is to illuminate the black box of these formulas, thus...

Data Table and Chart tools in Microsoft Excel provide data visualization. Incorporating Data Table and Chart into finance teaching not only helps students understand finance concepts intuitively and more efficiently, but also sharpens students' Excel skills and thus makes them more marketable in...

We examine the ability of one- and two-factor regime switching models to describe U.S., developed, and emerging market mutual fund returns. We find that a two-factor fixed transition probability model adequately describes the multivariate series of mutual fund returns without the need to model...