Using 1994–2009 data, we find that All-American (AA) analysts' buy and sell portfolio alphas significantly exceed those of non-AAs by up to 7% per annum after risk-adjustments for investors with advance access to analyst recommendations. For investors without such access, top-rank AAs still...

Using 1994-2009 data, we find that All-American (AA) analysts' buy and sell portfolio alphas significantly exceed those of non-AAs by up to 0.6% per month after risk-adjustments for investors with advance access to analyst recommendations. For investors without such access, top-rank AAs still...

Using 1994-2009 data, we document that All-American (AA) analysts' buy and sell recommendations outperform those of non-AAs by over 7% per annum after risk-adjustments. This performance differential exists both before and after AAs are elected, does not exhibit long-run reversal, and is not...

Using 1994-2009 data, we examine the relation between analysts' star status and their recommendation values. For investors with private, advance access to analyst recommendations (e.g., institutions), trading on All-American (AA) analysts' buy and sell recommendations yields significantly better...

Using 1983-2002 U.S. data, we examine whether the quality differentials in earnings forecasts between reputable and non-reputable analysts vary as the severity of conflicts of interest varies. We measure personal reputation using the Institutional Investor All-American (AA) awards, and bank...

We document that institutional trading and short selling around earnings announcements are 15%-20% lower during school holidays than other times. This reduced trading cannot be explained by liquidity or short sale constraints. Prices react to negative news released during school holidays with a...

Using hand-collected TV programming data and intra-day trading data from China, we compare the trading, liquidity, and returns of on-show and off-show stocks in the same sector. Our difference-in-difference analysis reveals that post-show, off-show stocks experience significant improvements in...