Previous studies only incorporate textual risk information disclosed by bank managers into bank risk aggregation. Besides bank managers, credit raters and financial analysts are two other important risk information sources. Thus, this paper first expands the sources of textual risk disclosures...

Over the past decade, financial analysts worldwide have produced company earnings forecasts that were wrong by an optimistic excess of 25%. This paper is a descriptive review of analyst performance at providing company earnings forecast for all listed companies in the world. The universe is 74%...