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Do accurate earnings forecasts facilitate superior investment recommendations
We find that analysts who issue more accurate earnings forecasts also issue more profitable stock recommendations. The average factor-adjusted return associated with the recommendations of analysts… Expand
When are Analyst Recommendation Changes Influential?
Not all stock recommendation changes are equal. In a sample constructed to minimize the impact of confounding news, relatively few analyst recommendation changes are influential in the sense that… Expand
Have We Solved the Idiosyncratic Volatility Puzzle
We propose a simple methodology to evaluate a large number of potential explanations for the negative relation between idiosyncratic volatility and subsequent stock returns (the idiosyncratic… Expand
Is Sell-Side Research More Valuable in Bad Times?
Because uncertainty is high in bad times, investors find it harder to assess firm prospects and, hence, should value analyst output more. However, higher uncertainty makes analysts’ tasks harder so… Expand
The Quality of Analysts’ Earnings Forecasts During the Asian Crisis: Evidence from Singapore
We bring together three disparate strands of literature to develop a comprehensive empirical framework to examine the efficiency of security analysts' earnings forecasts in Singapore. We focus… Expand
Streaks in Earnings Surprises and the Cross-Section of Stock Returns
The gambler's fallacy predicts that investors underreact to streaks of consecutive earnings surprises with the same sign. Expand
Hype My Stock: Do Firms Really Want Biased Research?
- R. Loh
- 1 May 2009
Analyst research is alleged to be biased because of conflicts of interest when analysts’ employers underwrite securities for the firms covered. I posit that affiliated analyst optimism should be the… Expand
Physical Frictions and Digital Banking Adoption
Banking services can now be delivered digitally and many banks are downsizing their physical operations. Bank customers are also relying less on physical locations because of digital banking. Is… Expand
The impact of gains and losses on homeowner decisions
Using unique data on condominium transactions that allow for accurately-measured capital gains and losses, we examine the impact of these gains and losses on homeowner decisions. Consistent with the… Expand