We examine the joint pricing effects of restatement announcements and associated MW disclosures. First, we analyze whether a dual disclosure of both a MW and restatement is viewed more adversely by the market at the time of restatement. We show that firms that announce both a restatement and an...

We select a small set of recommendations that lie in the upper and lower tail of the empirical distribution of divergences between a recommendation, and the consensus over the window (-30, -1)-days prior to that recommendation. We classify these extremely divergent recommendations as bold, and...

In this research study, we develop a new measure based on the option market to address the information role of earnings announcement on uninformed traders. Enlightened by previous theoretical work by Kim and Verrecchia (1991, 1994) and empirical findings in Patell and Wolfson (1979, 1981), our...