This paper examines the main drawbacks of technical analysis. Although this is widely used by practitioners, from an academic perspective it can only be seen as a form of "voodoo finance". In particular, it runs into the following pitfalls: Subjectivity; Doubtful assumptions; Unjustified...

Taking advantage of a recently established dataset that records financial analysts' firm visits, this study examines the factors that determine the number of buy-side and sell-side analyst firm visits in a given year and how investors respond to these visits. Both buy-side and sell-side analysts...

This paper investigates the association between current dividends and analysts’ subsequent earnings forecast errors. This investigation is motivated by the evidence on analyst optimism and Ohlson (1991)’s fundamental valuation theory that dividends displace future permanent earnings. For the...