The effect of restatements on analyst behavior

Chunlai Ye; Lin-Hui Yu

doi:10.1111/jbfa.12255

The effect of restatements on analyst behavior

Journal of Business Finance &amp Accounting ◽

10.1111/jbfa.12255 ◽

2017 ◽

Vol 44 (7-8) ◽

pp. 986-1014 ◽

Cited By ~ 3

Author(s):

Chunlai Ye ◽

Lin-Hui Yu

Keyword(s):

Analyst Behavior

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The Impact of NASD Rule 2711 and NYSE Rule 472 on Analyst Behavior - The Strategic Timing of Recommendations on Weekends

SSRN Electronic Journal ◽

10.2139/ssrn.2560103 ◽

2016 ◽

Cited By ~ 2

Author(s):

Yi Dong ◽

Nan Hu

Keyword(s):

Analyst Behavior ◽

The Impact

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Social learning and analyst behavior

Journal of Financial Economics ◽

10.1016/j.jfineco.2021.06.011 ◽

2021 ◽

Author(s):

Alok Kumar ◽

Ville Rantala ◽

Rosy Xu

Keyword(s):

Social Learning ◽

Analyst Behavior

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Evaluation Markers and Mitigators in Analyst Reports in Light of Market Response to Stock Recommendations

International Journal of Business Communication ◽

10.1177/2329488417738082 ◽

2018 ◽

Vol 55 (3) ◽

pp. 310-337 ◽

Cited By ~ 3

Author(s):

Karol Marek Klimczak ◽

Marta Dynel

Keyword(s):

Stock Exchange ◽

Emerging Market ◽

Writing Skills ◽

Professional Writing ◽

Specific Group ◽

Stock Recommendations ◽

Share Prices ◽

Analyst Behavior ◽

Warsaw Stock Exchange

Professionals and individuals who invest in equity markets rely on financial analysts’ recommendations and reports to decide on what to invest in and when to trade. This study examines the role of two groups of communication strategies, evaluation markers and mitigators, in establishing analysts’ credibility. The sample consists of 80 reports written in Polish for companies listed on the Warsaw Stock Exchange in Poland. In this emerging market setting, where credibility is challenged by uncertainty, analysts deploy various strategies depending on the recommendation they make: “buy,” “hold,” or “sell” shares. The findings point toward a specific group of mitigators, namely subjectivization, as a means of communicating expert opinion. Regression results reveal that investors’ reaction to the publication of a recommendation to “hold” or “sell” shares, measured based on the changes in share prices, is stronger when subjectivization is used in a report. The findings carry implications for research into analyst behavior and for the development of professional writing skills.

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