We examine how analysts' incentives to build their reputation through accurate forecasting changes the relative association between analyst recommendations and rigorous valuation models versus valuation heuristics. Controlling for the firm-specific difficulty of valuation, we show that the...

Background and Objective: Despite the importance of medication adherence for chronically ill patients and the vast literature on its relationship to costs, this field suffers from methodological limitations. These are caused, amongst others, by the lack of generalizability of data sources,...

We examine the persistence in analysts' relative earnings forecast accuracy. When analysts are ranked into forecast accuracy quintiles, calculated over all the firms they cover in each year, we find that 52% (45%) of superior (inferior) analysts, i.e. analysts in the lowest (highest) quintile,...

Den westlichen Industriegesellschaften steht ein dramatischer Wandel in der Altersstruktur bevor. Wallace beschreibt die Auswirkungen auf Finanzmärkte, Eigentumsverhältnisse, Wirtschaft, Gesellschaft und Kultur, Arbeitsmarkt sowie Rentensystem.