• Publications
  • Influence
Investment Banking Relationships and Analyst Affiliation Bias: The Impact of the Global Settlement on Sanctioned and Non-Sanctioned Banks
We examine the impact of the Global Settlement on affiliation bias in analyst recommendations. Using a broad measure of investment bank-firm relationships, we find a substantial reduction in analystExpand
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Forecasting Taxes: New Evidence from Analysts
ABSTRACT: We provide new evidence about how analysts incorporate and improve on management ETR forecasts. Quarterly ETR reporting under the integral method provides mandatory point-estimate forecastsExpand
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Analysts' Earnings Forecast Errors and Cost of Equity Capital Estimates
This study investigates the relation between analysts’ forecast errors and cost of equity capital estimates implied from analysts’ earnings forecasts and price. My analysis predicts and removesExpand
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Forecasting Tax Expense: New Evidence from Analysts
Using recently available pre-tax earnings forecast data from 2003 to 2012, we infer analysts’ income tax expense and effective tax rate (ETR) forecasts and provide the first large-sample evidence onExpand
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Analysts’ choice of peer companies
Abstract This is the first large-scale study to examine the peer companies used by sell-side equity analysts in their research reports. Using a unique hand-collected data set, we investigate theExpand
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Analysts’ Choice of Peer Companies
This is the first large-scale study to examine the peer companies used by sell-side equity analysts in their research reports. Using a unique hand-collected data set, we investigate the relationExpand
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Implied Cost of Equity Capital Estimates as Predictors of Accounting Returns and Stock Returns
ABSTRACT: Using a popular return decomposition, we show that expected returns should on average be positively associated with future return on equity (ROE), controlling for the book-to-market ratioExpand
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The Effect of Disclosure on the Pay-Performance Relation
We examine whether greater transparency leads to improved evaluation and rewarding of management. We posit that disclosure improves board effectiveness at monitoring executives and in strengtheningExpand
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Independent Analysts’ Estimates of Firm Value
We provide new evidence on the quality of independent analysts’ firm value estimates (i.e., price targets). Whereas prior literature generally finds that independent analysts’ research underperformsExpand
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The Quality of Independent Analysts’ Firm Value Estimates: Recent Evidence from Price Targets
We provide new evidence on the quality of independent analysts’ firm value estimates (i.e., price targets). Whereas prior literature generally finds that independent analysts’ research underperformsExpand
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