We provide new evidence about how analysts incorporate and improve on management
ETR forecasts. Quarterly ETR reporting under the integral method provides mandatory point-…

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 …

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 …

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 …

We examine whether greater transparency leads to improved evaluation and rewarding of
management. We posit that disclosure improves board effectiveness at monitoring executives …

We examine the effect of ASC 820 (formerly SFAS 157) on valuations reported by US private
equity funds to their investors. In 2008, the FASB implemented ASC 820 to achieve more …

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 …

This article reviews the academic literature on monitoring in private equity. Monitoring in
private equity funds encompasses oversight or governance over the fund’s general partner (GP, …

Users of I/B/E/S data generally act as if I/B/E/S reported actual earnings represent the earnings
analysts were forecasting when they issued their earnings estimates. For example, when …

Analysts’ street earnings forecasts are sometimes based on GAAP earnings and sometimes
based on non-GAAP earnings, which exclude various GAAP earnings components. …