Received: 15 July 2008 Revised: 8 January 2010 Accepted: 12 February 2010 Online publication date: 24 June 2010 Abstract The international business (IB) literature has widely recognized political forces as major factors that complicate the strategic decisions of multinational enterprises (MNEs). Analyses by financial intermediaries can help to reduce the risk of information asymmetry caused by ...

In this study, we employ an innovative new methodology suggested by Bernhardt et al. (2006) to examine the herding (or anti-herding) behavior of German analysts in case of earnings forecasts. Our methodology avoids well-known shortcomings often encountered in related studies, such as, e.g., correlated information signals, unexpected common shocks to earnings, systematic optimism or pessimism or...

Wind and solar power generation differ from conventional power generation because of the variable and uncertain nature of their power output. This can have significant impacts on grid operations. Short-term forecasting of wind and solar power generation is uniquely helpful for planning the balance of supply and demand in the electric power system because it allows for a reduction in the uncerta...

Purpose This study examined the effect of different types politically connected (PCON) Malaysian firms on analysts' forecast accuracy and dispersion. Design/methodology/approach The identified PCON according to Wong Hooy's (2018) classification, which divided political connections into government-linked companies (GLCs), boards directors, business owners family members government leaders. sampl...

Prior literature observes that information uncertainty exacerbates investor underreaction behavior. In this paper, I investigate whether, as professional investment intermediaries, sellside analysts suffer more behavioral biases in cases of greater information uncertainty. I show that greater information uncertainty predicts more positive (negative) forecast errors and subsequent forecast revis...

In this study, we measure managerial affective states during earnings conference calls by analyzing conference call audio files using vocal emotion analysis software. We hypothesize and find that negative affect displayed by managers discussing their firms’ results and prospects is informative about the firm’s financial future. In particular, we find that managers exhibiting negative affect are...