We develop a model where insiders' decision to manipulate earnings is linked both to their stake and to corporate governance. We show how earnings manipulation affects analysts' forecasts and institutional trading. More precisely, whenever there is “excessive” earnings manipulation, we...

We investigate how the interaction between product market competition and firm-level corporate governance enhances the accuracy of analysts' forecasts and reduces the forecasts' deviation. Using a sample of Brazilian public firms covered by analysts, we find that competitive industries provide...

As one of the market socialist countries with the dominant power of the government, Vietnam has recognised the importance of the open market with modern corporations regarding capital mobilisation. Up to 2000, Vietnam officially established its stock market showing its openness to a more diverse...