A5083053750- Auditing, Earnings Management, Governance
- Corporate Finance and Governance
- Financial Markets and Investment Strategies
- Financial Reporting and Valuation Research
- Political Influence and Corporate Strategies
- Banking stability, regulation, efficiency
- Insurance and Financial Risk Management
- Risk Management in Financial Firms
- Housing Market and Economics
- Fiscal Policies and Political Economy
- Complex Systems and Time Series Analysis
- Capital Investment and Risk Analysis
- Market Dynamics and Volatility
- Cognitive Science and Mapping
- Forecasting Techniques and Applications
- Stock Market Forecasting Methods
- Private Equity and Venture Capital
- Economic, financial, and policy analysis
- Viral Infectious Diseases and Gene Expression in Insects
- Qualitative Comparative Analysis Research
- Software Engineering Research
- Firm Innovation and Growth
- Innovative Microfluidic and Catalytic Techniques Innovation
- Doctoral Education Challenges and Solutions
- Credit Risk and Financial Regulations
Ohio University
2013-2024
The Ohio State University
2019-2024
Fisher College
2019-2024
National Bureau of Economic Research
2019-2024
Miami University
2019-2024
Sphere Medical (United Kingdom)
2020
International Paper (United States)
2020
ABSTRACT Using hand‐collected biographical information on financial analysts from 1983 to 2011, we find that making forecasts firms in industries related their preanalyst experience have better forecast accuracy, evoke stronger market reactions earning revisions, and are more likely be named Institutional Investor all‐stars. Plausibly exogenous losses of with industry real implications—changes firms’ asymmetry price significantly larger than those other analysts. Overall, expertise acquired...
We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with to coverage firms have more accurate earnings forecasts issue informative buy sell recommendations. These are likely participate, be chosen first, ask questions during conference calls analyst/investor days. Homophily based on gender, age, ethnicity is orthogonal connections. Brokers attract greater trade commissions stocks covered by connected analysts. Firms...
The primary goal of bioprocess cell line development is to obtain high product yields from robustly growing and well-defined clonal lines in timelines measured weeks rather than months. Likewise, high-throughput screening B cells hybridomas required for most engineering workflows. A substantial bottleneck these processes detecting isolating rare with the characteristics. Traditionally, this was achieved by resource-intensive method limiting dilution cloning, more recently aided semiautomated...
Abstract We study the drivers of persistent insider trading profitability by examining trades insiders whose past have been profitable. find that current transactions these persistently profitable (PP) better predict firm performance than those other insiders. The relative abnormal is more pronounced for who are managers rather large shareholders or unaffiliated and in firms with weaker governance greater information asymmetry. PP also earnings surprises, major corporate news, analyst...
ABSTRACT Short‐term trade ideas are a component of analyst research highly valued by institutional investors. Using novel and comprehensive database, we find that have stock price impact at least as large recommendation target changes. Trade based on expectations future events more informative than those identifying incomplete incorporation past information in prices. Analysts with better access to firm's management produce ideas. Institutional investors the direction Investors following can...
Sell-side quantitative equity research analysts (Quants) conduct econometric analyses of stock returns to uncover market anomalies and assist institutional clients with selection. We present novel evidence that establishes their role in helping mutual fund discover capital markets evolve toward greater pricing efficiency. Specifically, we find access Quants make recommendations trades reveal knowledge anomalous cross-sectional return predictability. More importantly, predictability is weaker...
Abstract Combining novel data on analyst employment history and mutual fund commission payments, we show that client funds generate higher returns stocks for which they have access to research by industry expert analysts. The outperformance is greater when are more important clients cannot be attributed tipping. Client place modestly weights covered analysts allocate commissions brokers providing such coverage. For identification, exploit exogenous coverage disruptions. Our findings...
We examine primary and secondary market returns for real estate investment trust (REIT) initial public offerings (IPOs). Consistent with theories regarding compensation information production during the roadshow, we find offer-to-open are directly related to partial adjustment significantly lower REITs holding assets in a single property type. Matching REIT IPOs comparable non-REIT IPOs, also evidence consistent demand uncertainty. Specifically, after controlling issue firm characteristics,...
Washington policy research analysts (WAs) monitor political developments and produce to interpret the impact of these events. We find institutional clients channel more commissions brokerages providing commission-allocating generate superior returns on their politically sensitive trades. that WA reports are associated with significant price volume reactions. Finally, we sell-side access issue stock recommendations stocks. These effects particularly acute during periods high uncertainty....
Research departments are managed by directors of research (DORs). Subordinate analysts working for higher-quality DORs provide superior earnings forecasts that elicit stronger market reactions, better investment recommendations, and have career outcomes. For the broker, drive more trading commissions. Economically, benefit most from DOR–analyst industry alignment resulting DORs’ former analyst experience. We several tests to mitigate endogeneity concerns explore various mechanisms explain...
Using hand-collected biographical information on financial analysts from 1983 to 2011, we find that making forecasts firms in industries related their pre-analyst experience have better forecast accuracy, evoke stronger market reactions earning revisions, and are more likely be named Institutional Investor all-stars. Exogenous losses of with industry real implications — changes firms’ asymmetry price significantly larger compared other analysts. Overall, expertise acquired work is valuable...
This paper investigates the information content of registered insider sales in Seasoned Equity Offering (SEO) process from 1997 to 2009. We find that initial market reactions and long‐run post‐issue stock performance are negatively related C‐level executive sales, but unrelated participation by nonexecutive insiders. also significantly lower abnormal earnings surprises for SEOs with sales. Overall, findings consistent predictions asymmetric agency theories.
Download This Paper Open PDF in Browser Add to My Library Share: Permalink Using these links will ensure access this page indefinitely Copy URL DOI
This study examines the determinants of direct costs for real estate investment trust (REIT) seasoned equity offerings. These are not related to information asymmetries, unlike non- REIT firms. Gross spreads vary inversely with stock liquidity, price, and industry activity. Concerning REIT-specific heterogeneity, gross generally insensitive property type operating partnership structure. Still, findings suggest managers can influence as higher fees directly use underwriting syndicates more...
We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with to coverage firms have more accurate earnings forecasts, issue informative buy sell recommendations. These are likely participate, be chosen first, ask questions during conference calls analyst/investor days. Homophily based on gender, age ethnicity is orthogonal connections. Brokers attract greater trade commissions stocks covered by connected analysts. Firms...
We compare shareholder wealth effects of Seasoned Equity Offerings (SEOs) conducted by dual and single-class firms between 1996 2007. While there is no difference in pre-issue stock performance or the initial market reaction to SEO announcements, dual-class issuers significantly underperform post-issue years. The mean abnormal three-year underperformance relative a significant 13.81%, robust alternative return methodologies. also find invest less capital expenditures R&D over period. In...
Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large stock recommendation, target price, and earnings forecast changes, investors following can earn significant abnormal returns.Trade triggered by forthcoming firm catalyst events are more informative than exploiting temporary mispricing.Institutional in direction commission-paying institutional clients do so earlier non-clients.Analysts generating established likely to produce for stocks...
We examine whether analysts’ prior industry experience influences their ability to serve as effective external firm monitors. Our analyses of firms’ financial disclosure quality, executive compensation and CEO turnover decisions portray a consistent picture that related pre-analyst is critical importance for analysts play an monitoring role. Coverage by with such associated reduced earnings management, lower probability committing misrepresentation, less excess compensation, higher...
For many firms, the acquisition process begins with development of an plan that is communicated to investors. We construct a comprehensive sample plans provide novel perspectives on and find are informative investors incrementally predict subsequent activity. These results more pronounced for firms announcing their commitment acquisitions from internal pipeline. Acquisition improve performance due learning market feedback alleviate acquisition-related uncertainty. Communication does not...
Purchase - $5 NBER Subscribers Download Add Paper to My Library Share: Permalink Using these links will ensure access this page indefinitely Copy URL DOI
This paper examines the relation between revealed market demand and insider amendments to number of primary secondary shares offered during seasoned equity offering (SEO) process. We define strong (weak) for an SEO as a positive (negative) buy-and-hold abnormal return over registration window. find that insiders make conditional on in period, but frequency, direction, size are not consistent across two types shares. For instance, amend prospectus significantly decrease (increase) when period...