In this study we examine the association among confirming management forecasts, stock prices, and analyst expectations. Confirming management forecasts are voluntary disclosures by management that corroborate existing market expectations about future earnings. This study provides evidence that...

The mass privatization program in Bulgaria was implemented in 1996-97. Following programs in countries like the Czech Republic, more sophisticated regulatory bodies were put into place to prevent the kind of abuses observed elsewhere. This study finds that Bulgaria avoided some of the extreme...

The educational institutions existing under communism were designed to serve a society very different from the democratic market society of Bulgaria today. Reform was clearly needed in content, organization, approach, didactics and methodology. We argue here that while Bulgaria has advantages in...