Financial analysts’ role in valuation and stewardship

Tournaments of Financial Analysts

We argue that financial analysts can be viewed as participants of two tournaments (the “All-star” tournament and the intrafirm tournament) and examine whether analysts are incentivized by the tournament compensation structure. Using data from 1991 to 2007, we find that interim losers are more likely to increase the boldness of their forecasts in the remainder of the tournament period than inter...

Do Financial Analysts Recognize Firms’ Cost Behavior?

This study explores whether financial analysts understand two aspects of cost behavior cost variability and cost stickiness. Since analysts’ understanding is not directly observable, we model the process of earnings prediction to generate empirically testable hypotheses regarding analysts’ comprehension of cost variability and cost stickiness. Empirical findings suggest that analysts make syste...

Faster Valuation of Financial Derivatives

Sell-Side Financial Analysts and the CFA Designation Program

We examine the effects the Chartered Financial Analyst (CFA) designation program has on recommendation performance and career outcomes of the analysts who complete the curriculum and become charterholders. For these analysts, both their recommendation performance and their chances of making the Institutional Investor’s All-America Research Team increase during 1993–2015. These effects are attri...

role of cultural iran in promotion of multilaieralism in central asia and caucasus

cultural iran is a scope that is more extended than the political territories of iran as a political unit. this concept means that cultural geography(mehdi moghanlo-1383-1) of iran is greater than its political geography which, according to history, has a long history extending west-east from kandahar to the euphrates and north-south from the persian gulf to the caucasus including transoxiana a...