This article reviews the literature on insider trading by SEC employees and discusses ethical issues. It also provides links to more than 20 insider trading articles. Recent research has indicated that some employees of the Securities and Exchange Commission might have engaged in insider...

This study sought to investigate the relationship between information asymmetry in the stock trading, economic and financial characteristics and corporate governance of listed companies in the Brazilian stock market in 2010 and 2011. To this end, the study relied on a theoretical framework for...

This research is aimed at analyzing the causality puzzle on the correlation between financial leverage and systematic risk (beta). Financial leverage and beta are usually considered as two proxies of risk derived from different domains: one ends at financial decision outcome, and the other...

This research is aimed at analyzing the causality puzzle on the correlation between financial leverage and systematic risk (beta). Financial leverage and beta are usually considered as two proxies of risk derived from different domains: one ends at financial decision outcome, and the other...

In a recent survey of analysts, 96% claim that returns are not very useful as earnings forecast model inputs. I find, though, that analysts actually do incorporate returns into their earnings forecasts, even if those returns have no underlying earnings information. This leads to forecast error,...

We provide new evidence on individual analysts' differential abilities to forecast firm value. In matched sample analyses, we find that independent analysts' target prices perform well in predicting future price relative to investment-bank analysts. Our evidence suggests that independent...

The purpose of this paper is to investigate the effect of stock recommendations in returns for Brazilian public companies. Using data from the I/B/E/S system, we examine the empirical distribution of buy, sell and hold recommendations as well their effect on prices, for the period from January...

We study the effects of cross-listings on audit fees. We first develop a model in which legal environments play a crucial role in determining the auditor's legal liability. Our model and analysis predict that auditors charge higher fees for firms that are cross-listed in countries with stronger...

This paper examines the association between insider trading before an earnings announcement and the magnitude of the post-earnings announcement drift (PEAD). Consistent with insiders' private information being incorporated into prices through their trading, we find PEAD is significantly lower...

This paper examines the association between insider trading prior to quarterly earnings announcements and the magnitude of the post-earnings announcement drift (PEAD). We conjecture and find that insider trades reflect insiders’ private information about the persistence of earnings news. Thus,...