SYNOPSIS: This study examines whether financial analysts and institutional investors play a disciplinary role in monitoring corporate financial reporting and disclosure. Using a sample of firms that meet or marginally beat analysts’ forecasts, likely through upward earnings management and downward expectations management, this study shows that managers’ use of the two tactics is associated with...

If a small firm effect exists, one would expect to see a trend towards proportionately greater investment in small firms. Among the most sensitive investors would be institutional investors who are constantly seeking to maximize their portfolio's rankings. This study examines changes in institutional investments on the basis of firm size, price/earnings ratios and Timeliness rankings. Instituti...

The concept of value is of great importance for investors. The goal of different groups of investors is always to maximize the value of their capital. The aim of this research is developing factors effective on securities in capital market in order to develop a paradigm for fair valuation that leads investors to make better decisions. To study fair value in a precise and comprehensive way, effe...

Finding ways to encourage investments in renewable electricity production is crucial to reach a transition to a sustainable energy system. While in the energy policy literature, investments are usually explained by economic or regulatory policies, recent studies have suggested that some investors are boundedly rational and may respond differently to policies. In this paper, a framework is propo...

This study investigates the daily dynamic relation between returns and institutional and individual trades in the TAIEX futures market. I find that both past individual and institutional buys and sells have no predictive power for index returns; both individual and institutional trading activities are strongly related to their own past trades, and individual open-buy trading is also influenced ...