We examine the effect of media competition on analyst forecast properties in an international setting using 113,436 firm-year observations from 32 countries spanning 2000 through 2012. We find that firms in countries with stronger media competition enjoy more accurate, less optimistically...

In this paper, we examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide, but the...

We examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide but that the effect of...

We examine whether national culture, in particular, its individualism/collectivism dimension, affects sell-side financial analysts’ forecasting behavior. We find that analysts from individualistic cultures are more likely to issue bold earnings forecasts and stock recommendations than analysts...

This report is a synthesis of evidence gathered on transformational change within the Climate Investment Funds (CIF). It complements a parallel evaluation on transformational change in the countries where CIF operates. It is distinguished from the evaluation by a focus on the secondary...