scholarly journals Career Experience and Executive Performance: Evidence from Former Equity Research Analysts

2019 ◽  
Author(s):  
Shawn X. Huang ◽  
Artur Hugon ◽  
Summer Liu ◽  
Liwei Weng
Keyword(s):  
Executive Performance ◽  
Career Experience ◽  
Equity Research ◽  
Research Analysts

scholarly journals Factors Mitigating Firm-specific Information Asymmetry and Target Price Accuracy in India

2017 ◽  
Vol 42 (4) ◽  
pp. 220-233
Author(s):  
Samie Ahmed Sayed ◽  
Latha Sreeram
Keyword(s):  
Emerging Markets ◽  
Information Asymmetry ◽  
Specific Information ◽  
Forecast Horizon ◽  
Target Price ◽  
Analyst Coverage ◽  
Corporate Announcements ◽  
Equity Research ◽  
Research Analysts ◽  
One Year

Executive Summary Over the last decade, efforts have been made to improve the quality of financial reporting and corporate governance standards prevailing in emerging markets. Even after 20 years of globalization, emerging markets continue to trade as a separate class ( Bekaert & Harvey, 2014 ). On account of a weak regulatory environment, firm-specific information asymmetry is expected to be on the higher side as compared to developed markets. In such an environment, any factors which mitigate information asymmetry may help improve efficiency of information providers such as equity research analysts. The role of equity research analysts is to process financial information and provide estimates which may be used by investors to make informed investment decisions. This study investigates whether the factors which mitigate firm-specific information asymmetry improve analyst target price accuracy in India. We expect sophisticated financial intermediaries such as equity research analysts to produce more accurate target price forecasts for firms with higher frequency of corporate announcements, higher analyst coverage, and higher foreign institutional holdings. Past research suggests that these three factors reduce information asymmetry and this reduction could possibly help analysts produce superior results. Our results show that higher frequency of corporate announcements creates short-term noise which reduces target price accuracy at the end of one-year forecast horizon. Our findings reveal that higher analyst coverage leads to better flow of firm-specific private information and improves target price accuracy anytime during or at the end of one year. We report that higher foreign institutional holding possibly improves stock liquidity, attracting more traders, which eventually leads to better target price accuracy at the end of forecast horizon. Our key finding is that there is a reduction in firm-specific information asymmetry due to the presence of more number of analysts and higher percentage of institutional holding.

SEC approves long-anticipated FINRA research rules

2016 ◽  
Vol 17 (1) ◽  
pp. 39-44 ◽  
Author(s):  
Amy Natterson Kroll ◽  
John Ayanian
Keyword(s):  
Design Methodology ◽  
Comprehensive Review ◽  
Content Type ◽  
Research Activities ◽  
Policies And Procedures ◽  
Equity Research ◽  
Practical Guidance ◽  
Research Analysts ◽  
Required Disclosures ◽  
Insight Into

Purpose To analyze the changes to the FINRA equity research rules and evaluate concerns that may be important to and have an impact on equity research activities following the effective date. Design/methodology/approach This article provides an overview of the changes reflected in FINRA Rule 2241 pertaining to equity research analysts and research reports, as well as changes to licensing requirements for equity research analysts. It highlights potential issues for firms and provides some commentary on how these issues should be considered in light of FINRA’s articulated position and assurances FINRA has given to the SEC. Findings This article concludes that firms should anticipate these changes and begin a comprehensive review of research policies and procedures, the personnel who prepare research reports and the scope of their research products so as to be compliant with Rule 2241 from its effective date. Firms should also begin an investigation of technologies used to gather, produce and disseminate research and required disclosures to ensure they meet the new requirements when they are effective. Originality/value This article provides insight into the new FINRA Rule 2241 and practical guidance from experienced securities lawyers.

Playing to the Gallery: Corporate Policies and Equity Research Analysts

2012 ◽  
Author(s):  
Francois Degeorge ◽  
Francois Derrien ◽  
Ambrus Kecskes ◽  
Sebastien Michenaud
Keyword(s):  
Corporate Policies ◽  
Equity Research ◽  
Research Analysts

Relationship between anxiety and frontal-executive performance among older adults

2010 ◽  
Author(s):  
Meg E. Anders ◽  
Anna M. Christner ◽  
Steven A. Rogers ◽  
Deborah A. Lowe
Keyword(s):  
Older Adults ◽  
Executive Performance
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