the relationship between finance and other social sciences as known behavioural finance, evaluate investors to the decision-making process and their reaction to different conditions of financial markets deals. in this study assumed that analysts are specialist in fundamental and technical analysis and then influence their personality characteristics is evaluated on their performance. statistica...

This study analyzes the behavior and performance of 353 investment newsletters that make asset allocation recommendations during a period covering more than 21 years (June 1980 — November 2001). Newsletters change their asset mix between equity and cash using relatively simple rules that are strongly influenced by past market returns while macro-economic variables have only a very weak influenc...

We study how M&As shape analysts’ coverage decisions and whether this process reveals information about the valuation and future performance of the merged firms. Since the target firm is delisted after the M&A, we expect and find that the majority of the analysts covering the target drop their coverage of the merged firm. However, the target analysts who retain coverage provide the most accurat...

This study examines whether institutional investors’ voting for All-Star financial analysts is affected by analyst beauty. Using a sample of 1,135 U.S. analysts and controlling for analyst performance, we document that beauty, on average, does not affect the outcome of All-Star analyst voting. However, a beauty premium emerges in those sectors where there is high information asymmetry on analys...

Managers often provide self-serving disclosures that blame poor corporate financial performance on temporary, external factors. For example, many managers have pointed to the September 11th terrorist attacks and the downturn in the economy as explanations for their firm’s poor performance over the past year. Little is known about how financial analysts respond to such disclosures. Results of an...

The relationship between finance and other social sciences as known behavioural finance, evaluate investors to the decision-making process and their reaction to different conditions of financial markets deals. In this study assumed that analysts are specialist in fundamental and technical analysis and then influence their personality characteristics is evaluated on their performance. Statistica...

Investment banks frequently hire analysts from rating agencies. A widely held view is that this “revolving door” undermines analysts’ incentives to issue accurate ratings. Using a hand-collected dataset of the performance and career paths of 245 credit analysts between 2000 and 2009, I show that the ratings by analysts who move to investment banks are on average more accurate than those by thei...