This paper evaluates the information content of analysts’ one-quarter ahead earnings forecast revisions and recommendation revisions at various points in time relative to earnings announcement dates. We conduct three sets of tests to evaluate the information content of revisions. Across all tests, we find that the revisions are least informative in the week after earnings announcements and that...

This article describes a polynomial attack on the new multilinear map over the integers presented by Coron, Lepoint and Tibouchi at Crypto 2015 (CLT15). This version is a fix of the first multilinear map over the integers presented by the same authors at Crypto 2013 (CLT13) and broken by Cheon et al. at Eurocrypt 2015. The attack essentially downgrades CLT15 to its original version CLT13, and l...

the previous studies show that a high percentage of traffic accidents take place in two-lane rural highways and most of which happen at horizontal curves. meanwhile the horizontal alignment is often subject to hard topographic conditions where because of economic aspects designers are forced to design horizontal curves at grades. vertical angle of longitudinal slope reduces the normal force of ...

Early access to stock recommendations provides brokerage firm clients with incremental investment value. After controlling for transaction costs, purchasing (selling) quickly following upgrades (downgrades) results in average two-day returns of 1.02% (1.50%). Short-term profit opportunities persist for two hours following the pre-market release of new recommendations. The results are robust wit...

We investigate the long-standing puzzle on the underpricings of convertible bonds. We hypothesize that the observed underpricing is induced by the possibility that a convertible bond might renegotiate on some of its covenants, e.g., an imbedded put option, in financial difficulties. Consistent with our hypothesis, we find that the initial underpricing is larger for lower rated bonds. The underp...

Based on a comprehensive data set of German railway customers we analyze consumers’ choices and particularly subsequent changes of two-part pricing contracts (loyalty cards). In a competing risks framework, we simultaneously estimate effects on three types of contractual events: cancellations, upgrades, and downgrades. Focusing on customer relationship management (CRM) practices, we find severa...

Using regulatory data on CDS holdings and corporate bond transactions, I provide evidence for a liquidity spillover effect from to markets. Bond trading volumes are 70% larger investors with positions written the debt issuer. Moreover, higher activity substantially improves of underlying bonds, particularly around rating downgrades. Additional analyses reveal that is partly driven by naked posi...

purpose:  the paper aims to focus on south africa’s poor economic performance and the regular downgrades of the country’s economic and financial rating by international rating agencies. it attempts to show that these continuous downgrades are a recipe for economic and financial disaster in the long – run; that the continuance of this phenomenon will stymie the implementation of the national dev...

Abstract Prior research finds that Dodd–Frank Act’s regulations on credit rating agencies (CRAs) increase rated firms’ risk of downgrades, regardless their quality. Our difference-in-difference estimates suggest after Dodd–Frank, low-rated firms, which face steep costs from a further downgrade, significantly reduce debt issuance and investments compared to similar unrated firms. results are not...