We evaluate an industry disclosure initiative designed to inform investors, the practice of providing information regarding investment professionals' backgrounds. Implicit in the motivation for this initiative is the presumed relevance of background information to investors seeking investment...

This paper develops and tests an information-based model for conditions under which analysts earnings forecasts are likely to be more accurate than forecasts of time-series models. Three information variables are considered, namely the dimensionality of the information set, the precision of the...

Little attention has been paid to a principal decision context in which analysts' earnings forecasts are prepared, namely, as an input to their recommendations. We use two data sets, Value Line, USA, and Research Evaluation Service, Canada, and examine the importance of analysts' earnings...

Strong-form efficiency on the Toronto Stock Exchange is examined by focusing on the stock price forecasts of brokerage-firm analysts who follow TSE firms. Two principal analyses are undertaken. First, there is considerable evidence in both the U.S. and U.K. that analysts possess valuable private...

While brokerage houses use both teams of sell-side analysts and individual analysts to conduct earnings research, there is no empirical research examining if teams and individuals differ with regard to their forecasting performance or purpose, and if so, how and why. We first examine the...