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作者：Akbas, Ferhat; Jiang, Chao; Koch, Paul D.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of South Carolina System; University of South Carolina Columbia; University of Kansas
摘要：This study shows that the recent trajectory of a firm's profits predicts future profitability and stock returns. The predictive information contained in the trend of profitability is not subsumed by the level of profitability, earnings momentum, or other well-known determinants of stock returns. The profit trend also predicts the earnings surprise one quarter later, and analyst forecast errors over the following 12 months, suggesting that sophisticated investors underreact to the information i...
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作者：Xue, Hao
作者单位：New York University
摘要：The paper investigates strategic interactions between an independent analyst and an affiliated analyst in the context of issuing stock recommendations. Compared to the independent analyst, the affiliated analyst has superior information, but faces a conflict of interest. I show that the independent analyst disciplines the affiliated analyst's biased forecasting behavior. Meanwhile, the independent analyst sometimes herds with the affiliated analyst to improve his recommendation accuracy. Becau...
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作者：Karpoff, Jonathan M.; Koester, Allison; Lee, D. Scott; Martin, Gerald S.
作者单位：University of Washington; University of Washington Seattle; Georgetown University; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; American University
摘要：An extensive literature examines the causes and effects of financial misconduct based on samples drawn from four popular databases that identify restatements, securities class action lawsuits, and Accounting and Auditing Enforcement Releases (AAERs). We show that the results from empirical tests can depend on which database is accessed. To examine the causes of such discrepancies, we compare the information in each database to a detailed sample of 1,243 case histories in which regulators broug...
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作者：Christensen, Dane M.; Mikhail, Michael B.; Walther, Beverly R.; Wellman, Laura A.
作者单位：University of Oregon; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Northwestern University; Utah System of Higher Education; University of Utah
摘要：In this study, we examine whether sell-side security analysts gain access to value-relevant information through political connections. We measure analysts' political connections based on political contributions at the brokerage-house level. We argue that if brokerages are able to obtain private information through their political connections, then analysts at politically connected brokerages should issue more profitable stock recommendations, and this increased profitability should be more pro...
