Amendments to NASD Rule 2711 and NYSE Rule 472, enacted in May 2002, mandate that sell-side analysts disclose the distribution of their security recommendations by category of buy, hold, and sell. This regulation enhances the transparency of analysts' information and mitigates the...

This paper investigates the effects of managerial myopia on investment behaviors in China. We construct a new indicator to measure managerial myopia by text analysis and machine learning methods based on the management discussion and analysis (MD&A) in A-share listed company's annual reports...

This paper provides a measurement of framing effects in the stock market by using actual market open trading data, and provide a test of this new firm-special behavioral characteristic. We adopt univariate and bivariate portfolio-level analyses with seminal rational and behavioral factors, to...

This paper investigates whether stock market liquidity has an impact on banks’ risk-taking behaviour. Using the Tick Size Pilot Program of the Securities and Exchanges Commission (SEC) to identify liquidity shocks, I show that banks with less liquid stocks take more risk, as reflected in lower...