Using data from 1990-2013, we show 1) the serial correlation of analyst forecast errors increases in the extent of international diversification, 2) PEAD based on analyst forecast errors increases in the extent of international diversification, and 3) the impact of international diversification on the serial correlation of analyst forecast errors and the associated drift is significantly reduce...

This study explores whether the Management Discussion and Analysis (MD&A) section of Form 10-Q and 10-K has incremental information content beyond financial measures such as earnings surprises and accruals. It uses a well-established classification scheme of words into positive and negative categories to measure the tone change in a specific MD&A section relative to prior periodic SEC filings. ...

How do organizations reconcile the cross-pressures of conformity and differentiation? Existing research predominantly conceptualizes identity as something an organization has by virtue products or services it offers. Drawing on constructivist theories, we argue that organizational members’ interactions with external audiences also dynamically produce identity. We call extent to which such diver...

Purpose of the article: Of various market anomalies, Value-Glamour anomaly and Post-Earnings Announcement Drifts (PEAD) have consistently attracted attention researchers. Prior studies established that reaction value stocks glamour to earnings announcement differs significantly there is a close relationship between PEAD abnormal returns arising due earning surprises. We studied drift patterns p...

This study first establishes a robust link between credit rating and post‐earnings‐announcement drift (PEAD). I find strong evidence that PEAD is more salient for firms with low ratings. finding consistent the notion investors are prone to underreact earnings news from low‐credit‐rating characterized by high uncertainty of asset fundamentals. The association not driven traditional information p...

To promote corporate social responsibility (CSR) in emerging markets such as South Korea to the level of developed nations, support from capital market investors is necessary. That is, CSR activities expand if actively invest companies that pursue activities. This study thus analyzes influence on post-earnings-announcement drift (PEAD) publicly listed Korea, given need analyze relationship betw...

We propose a regression-based method for combining analyst forecasts to improve forecasting efficiency. This significantly reduces the bias in earnings forecasts, and generates that consistently outperform consensus over time across firms of different characteristics. Incorporating firm-level macroeconomic information model further improves performance. Forecasting gains increase with dispersio...