Journal ArticleDOI
Analyst following and count-data econometrics
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TLDR
In this article, the determinants of the number of analysts following a firm using econometric models based on count distributions were examined and shown to be inversely related with analyst following.About:
This article is published in Journal of Accounting and Economics.The article was published on 2000-12-01. It has received 118 citations till now. The article focuses on the topics: Econometric model & Count data.read more
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The Financial Reporting Environment: Review of the Recent Literature
TL;DR: The authors provide a framework for analyzing the three main decisions that shape the corporate information environment in a capital markets setting: (1) managers' voluntary reporting and disclosure decisions, (2) reporting and disclosures mandated by regulators, and (3) reporting decisions by third-party intermediaries.
Journal ArticleDOI
The financial reporting environment: Review of the recent literature
TL;DR: The authors review current research on the three main decisions that shape the corporate information environment in capital market settings: (1) managers' voluntary disclosure decisions, (2) disclosures mandated by regulators, and (3) reporting decisions by analysts.
Posted Content
The Effect of Annual Report Readability on Analyst Following and the Properties of Their Earnings Forecasts
TL;DR: In this paper, the authors examined the effect of the readability of firm written communication on the behavior of sell-side financial analysts and found that less readable 10-Ks are associated with greater dispersion, lower accuracy, and greater overall uncertainty in analyst earnings forecasts.
Journal ArticleDOI
The Effect of Annual Report Readability on Analyst Following and the Properties of Their Earnings Forecasts
TL;DR: In this article, the authors examined the effect of the readability of firms' written communication on the behavior of sell-side financial analysts and found that less readable 10-Ks are associated with greater dispersion, lower accuracy, and greater overall uncertainty in analyst earnings forecasts.
Posted Content
The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research
TL;DR: A taxonomy of research examining the role of financial analysts in capital markets is presented in this paper, where the authors categorize papers published since 1992, describe the research questions addressed, and suggest avenues for further research in seven broad areas: analysts' decision processes, the nature of analyst expertise and the distributions of earnings forecasts; information content of analyst research; analyst and market efficiency; analysts' incentives and behavioral biases; the effects of the institutional and regulatory environment (including cross-country comparisons); and research design issues.
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A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity
TL;DR: In this article, a parameter covariance matrix estimator which is consistent even when the disturbances of a linear regression model are heteroskedastic is presented, which does not depend on a formal model of the structure of the heteroSkewedness.
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Likelihood Ratio Tests for Model Selection and Non-Nested Hypotheses
TL;DR: In this article, the authors propose simple and directional likelihood-ratio tests for discriminating and choosing between two competing models whether the models are nonnested, overlapping or nested and whether both, one, or neither is misspecified.
Book
Regression Analysis of Count Data
TL;DR: The authors combine theory and practice to make sophisticated methods of analysis accessible to researchers and practitioners working with widely different types of data and software in areas such as applied statistics, econometrics, marketing, operations research, actuarial studies, demography, biostatistics and quantitative social sciences.
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Econometric Models for Count Data with an Application to the Patents-R&D Relationship
TL;DR: This paper developed and adapted statistical models of counts (nonnegative integers) in the context of panel data and used them to analyze the relationship between patents and R&D expenditures. But their model is not suitable for the analysis of large-scale data sets.
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Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals
TL;DR: The authors investigates circumstances under which accruals are predicted to improve earnings' ability to measure firm performance, as reflected in stock returns, and the results of empirical tests are consistent with these predictions.