Firm Uncertainty and Financial Analysts' Activity
نویسندگان
چکیده
منابع مشابه
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...
متن کاملInnovative activity, uncertainty and the theory of the firm
1. Innovative activity 1.1 Innovation as a source of uncertainty 1.2 Creating new opportunities 2 2 2 6 2. Coping with uncertainty within business organisations 2.1 Reserves 2.2 Relational agreements 9 10 11 3. Implications for the theory of the firm 3.1 Multiple rationalities, different degrees of uncertainty and optimisation 3.2 From constraints to opportunities 22 22 25
متن کاملDo 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...
متن کاملFinancial Markets and Firm Dynamics
Recent studies have shown that the dynamics of firms (growth, job reallocation and exit) are negatively correlated with the initial size of the firm and its age. In this paper we analyze whether financial factors, in addition to technological differences, are important in generating these dynamics. We introduce financial market frictions in a basic model of industry dynamics with persistent sho...
متن کاملFirm Failure and Financial Crisis
In this paper we try to analyze the link between some industrial policies in South Korea and the 1997 ̄nancial crisis. We argue that while the industrial policies have greatly promoted the development of many local industries, they also have encouraged local ̄rms to get over-optimistic, to over-invest, and to over-produce. That increases the risks the ̄rms are facing. When a bad time occurs, ma...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1707945