Investigating the performance of companies is one of the most important issues for the users of accounting information. The purpose of this study was to provide evidence about the effect of asymmetric appropriateness on investors' expectations. The results of the research on accepted companies In the Tehran Stock Exchange during the period from 2012 to 2016. To collect data, a library method wa...

I consider the role of news provided by media as signals used investors to learn about partisan conflict. Higher conflict induces uncertainty (by increasing probability crises) and gridlock (making tax reforms less likely), both affecting investment returns. The true degree political disagreement is unobservable investors, who create expectations based on observation informative signals. Using ...

financial literacy of investors reduces uncertainty on future decisions and increases predictability of investment policies in financial markets. thus, the lack of clear information on financial markets is a determining factor in the arrival of domestic and foreign capitals and their quick exit in case of crisis. the lack of transparency and basic knowledge on decisions and failure to provide r...

An important outcome of technological change is industry “convergence,” as a new technology spurs competition between established firms from different industries. We study the reactions of securities analysts, as important sources of institutional pressures for firms, to the similar product/market strategies undertaken by firms from different prior industries responding to industry convergence....

This paper analyzes the relationship between currency price changes and their expectations. Currency price change expectations are derived with the help of different order flow measures, from the trading behavior of investors on OANDA FXTrade, which is an internet trading platform in the foreign exchange market. We investigate whether forecasts of intra-day price changes on different sampling f...

Our study explores the effect of market volatility expectations, captured by the implied volatility index (VIX), aka ‘‘investors’ fear gauge,’’ on investors’ reactions to analyst recommendation revisions. We find that positive (negative) excess returns following recommendation upgrades (downgrades) are stronger when accompanied by daily VIX decreases (increases). A rational explanation for the ...

T paper proposes a new methodology to infer investors’ expectations about the speed of leverage adjustment implicit in the prices of credit instruments. On average, the credit markets imply a fairly rapid annual speed of adjustment of 26% toward a firm’s predicted leverage. The speed varies considerably across partitions formed by the differential implications of the pecking order, market timin...