Learn More
  • W R E N C, E D B R O W N, L B C L E M E N T, ‡ A N D N A T H A N, Y S H A, Mike Baer, David Bailey +25 others
  • 2015
Our objective is to penetrate the " black box " of sell-side financial analysts by providing new insights into the inputs analysts use and the incentives they face. We survey 365 analysts and conduct 18 follow-up interviews covering a wide range of topics, including the inputs to analysts' earnings forecasts and stock recommendations, the value of their(More)
We compare two competing theories of financial anomalies: (1) " behavioral " theories relying on investor irrationality; and (2) rational " structural uncertainty " theories relying on investor uncertainty about the structure of the economic environment. Each relaxes the traditional rational expectations theory differently. However, the resulting theories(More)
Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission, provided that full credit including © notice is given to the source. Abstract We catalog the complete contents of All-American Analyst reports and examine the market reaction to their release. Including the justifications supporting an analyst's opinion reduces,(More)
This paper explores the role of investment bankers and lock-up provisions in the market for new equity issues. In a sample of 1,948 IPOs, we find support for the notion that lock-ups serve as commitment mechanisms at the time of the IPO. Insiders of firms that are associated with greater informational asymmetries lock-up their shares for a longer period of(More)
It has generally been assumed that the potential commission revenue is an important determinant of a sell-side analyst's decision of what "rms to cover and what information to publicly release. However, because stock volume has not been disaggregated on a brokerage-"rm level, uncertainty remains regarding the economic importance of the relation between(More)
Analyst stock recommendation data are from Zacks Investment Research; transaction data are from the Trade and Quote database; equity and debt offerings data are from Securities Data Corporation. Errors or omissions are our responsibility. ABSTRACT Regulators' interest in analyst recommendations stems from the belief that small investors are unaware of the(More)
We show empirically that analysts who display more consistent forecast errors have greater ability to affect prices, and that this effect is larger than that of stated accuracy. These results lead to three implications. First, consistent analysts are less likely to be demoted and are more likely to be nominated All Star analysts. Second, analysts(More)
The methanol extract of an assemblage of Halimeda stuposa and a Dictyota sp., yielded three natural products characteristic of Dictyota sp., and one of Halimeda sp. These included the xenicane diterpene 4-hydroxydictyolactone (1), and the diterpenes dictyol E (2), 8a,11-dihydroxypachydictyol A (3) and indole-3-carboxaldehyde (4). A minor revision of 1 and(More)
While investigating the cytotoxic activity of the methanol extract of an Australian marine sponge Stelletta sp. (Demospongiae), a new diketopiperazine, cyclo-(4-S-hydroxy-R-proline-R-isoleucine) (1), was isolated together with the known bengamides; A (2), F (3), N (4), Y (5), and bengazoles; Z (6), C(4) (7) and C(6) (8). The isolation and structure(More)
The viviparous Great Barrier Reef sponge Luffariella variabilis (Poléjaeff 1884) contains a range of secondary metabolites, including manoalide (1) and manoalide monoacetate (3). ESI (+) FTICR-MS accurate mass determination has, for the first time, been used to detected the presence of 3 only in an organic extract of a single L. variabilis larva showing(More)