This article examines the impact of the 2007-2009 Global Financial Crisis on the interrelationships among global stock markets and the informational role of the TED spread as perceived credit risk. The current crisis originated from the dominant US market has a prompt and pervasive spillover...

In this paper, we examine the top-down forecast accuracy and divergence of market strategists for quarterly Earnings Per Share (EPS) forecasts for the S&P400 and S&P500 Indexes using the I/B/E/S summary database. We find that such forecasts are, on average, optimistically biased, and that the...