This study examines investors' reaction to managers' use of contrastive words (words that introduce corrective and/or unexpected information) during the question and answer (Q&A) sessions of conference calls. We document evidence that managers' use of contrastive words is an indicator of the...

This study examines the relationship between the value of financial analysts' recommendations and the intensity of firms' research and development (R&D) expenditures. We conduct univariate, portfolio and regression analyses using a sample of 8,620 public firms for the period 1993-2004. The...

This study examines the extent to which analyst recommendations were useful in identifying earnings surprises during the pre- and post- Regulation FD periods. A comparative analysis of the association between recommendation revisions and subsequent earnings surprises suggests a significant...