Prior evidence has demonstrated that for North American markets EPS forecast revisions are associated with security price changes, although this evidence is much stronger for pre-announcement changes than for post-announcement. As there is considerable interest in using analysts' forecasts for...

This paper investigates the impact of the introduction of Universal Stock Futures (USFs) on underlying market dynamics (volatility and the level of feedback trading). Analysis of USFs provides a number of advantages compared to investigation of index futures, leading to reliable and wider...