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作者：Lui, Daphne; Markov, Stanimir; Tamayo, Ane
作者单位：Lancaster University; Emory University; University of London; London Business School
摘要：We examine the determinants and the informativeness of financial analysts' risk ratings using a large sample of research reports issued by Salomon Smith Barney, now Citigroup, over the period 1997-2003. We find that the cross-sectional variation in risk ratings is largely explained by variables commonly viewed as measures of risk, such as idiosyncratic risk, size, book-to-market, and leverage. In addition, earnings-based measures of risk, such as earnings quality and accounting losses, also co...
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作者：Hales, Jeffrey
作者单位：University of Texas System; University of Texas Austin
摘要：This paper investigates the effects of preferences on judgments in an investing context, where investors should be motivated to interpret information objectively, yet have clear preferences with respect to what the information they are evaluating conveys (i.e., a gain or a loss on their investment). The results of the experiment are consistent with theories of motivated reasoning that predict when and in what manner directional preferences affect how information is processed. Specifically, inv...
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作者：Bonner, Sarah E.; Hugon, Artur; Walther, Beverly R.
作者单位：University of Southern California; University System of Georgia; Georgia State University; Northwestern University
摘要：We examine the effects of analysts' celebrity on investor reaction to earnings forecast revisions. We measure celebrity as the quantity of media coverage analysts receive in sources included in the Dow Jones Interactive database, and find that media coverage is positively related to investor reaction to forecast revisions. The effect of celebrity on the reaction to forecast revisions remains significant after controlling for forecast performance variables examined in prior studies (ex post for...
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作者：Ertimur, Yonca; Sunder, Jayanthi; Sunder, Shyam V.
作者单位：Duke University; Northwestern University
摘要：We examine the contemporaneous relation between earnings forecast accuracy and recommendation profitability to assess the effectiveness with which analysts translate forecasts into profitable recommendations. We find that, after controlling for expertise, more accurate analysts make more profitable recommendations, albeit only for firms with value-relevant earnings. Next, we show that conflicts of interest from investment banking activities affect the relation between accuracy and profitabilit...
