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This paper examines disclosures by sell-side analysts when their institution has a lending relationship with the firms being covered. Lending-affiliated analysts' earnings forecasts are found to be more accurate relative to forecasts by other analysts but this differential accuracy manifests...
Persistent link: https://www.econbiz.de/10009236542
We examine a sample of Value Line's timeliness rank upgrades that occur immediately following earnings announcements and find that the pre-event price momentum has significant incremental explanatory power for the post-event drift, after controlling for the level of earnings surprise. Therefore,...
Persistent link: https://www.econbiz.de/10012720324
Using hand collected data from offering prospectuses and other corporate filings, we examine the market response to real estate investment trust (REIT) follow-on stock offerings’ stated uses of proceeds. We also track REIT banking relationships over time. Consistent with the idea of bank...
Persistent link: https://www.econbiz.de/10014236664
We find that accounting charges for goodwill impairment, which imply a deterioration in the capabilities of acquired assets to generate expected cash flows, provide useful indicators of CEO underperformance. We examine 5,990 firms that completed acquisitions and investigate the relation between...
Persistent link: https://www.econbiz.de/10013251602
We investigate regulations intended to stop managers from privately disclosing corporate information to analysts in a setting with enhanced potential to isolate regulatory effects: the European Union (EU) Market Abuse Directive (MAD), a common regulation implemented by member states with varying...
Persistent link: https://www.econbiz.de/10012831352
Persistent link: https://www.econbiz.de/10002556062
We show that hedge fund managers who better understand the dynamic U.S. political landscape actively adjust the political sensitivity of their portfolios and improve their investment performance. Specifically, around U.S. Presidential elections, funds that tilt their portfolios toward market...
Persistent link: https://www.econbiz.de/10012855000
We examine whether banks price expected liquidity in U.S. syndicated term loans. Using extensive data we show that loans with higher expected liquidity have significantly lower spreads at origination, controlling for other determinants of loan spreads such as borrower, loan, syndicate and...
Persistent link: https://www.econbiz.de/10012734028
We examine the role of social ties in IPO underwriting syndicate formation and find that an investment bank is more likely to be included in the underwriting syndicate when it is connected to the IPO firm through interpersonal social ties between the respective executives and directors. These...
Persistent link: https://www.econbiz.de/10012905485