The Effect of the Private Securities Litigation Reform Act on Analyst Forecast Properties: The Impact of Firm Size and Growth Opportunities

Abstract:  We provide evidence that the effect of the Private Securities Litigation Reform Act (the Act) of 1995 on analyst forecast properties is conditional on firm size and growth opportunities. We show that analyst coverage, frequency of forecast revisions, forecast errors and dispersion after the Act decreased for large firms and for firms with low growth opportunities but increased for small firms and for firms with high growth opportunities. These results are consistent with the hypothesis that the Act results in additional high quality disclosures in large firms, which face higher litigation risk and tighter scrutiny from investors but not in smaller firms. Our findings of increases in analyst coverage and revision but deterioration in accuracy and precision of analyst forecasts for firms with high growth opportunities after the Act suggest that in spite of increased corporate disclosures, the information environment for analysts deteriorated in those firms.     

沈约“权憩汝南县境”再考

对于《桐柏山金庭馆碑》是否为沈约所作，学界一直存在争议。考查史书，此文“权憩汝南县境，固非息心之地”中的“汝南”其实是指南齐郢州江夏郡汝南县，其他的解释均与史实相差较远。“权憩汝南县境”由此成为《桐柏山金庭馆碑》为沈约所作的有力佐证。     

Do Firms Strategically Internalize Disclosure Spillovers? Evidence from Cash-Financed M&As

We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm-initiated disclosures during all-cash acquisitions, we find evidence consistent with acquirers strategically generating news that they expect will depress the target's stock price. Our results suggest the disclosure strategy leads to lower target returns during the negotiation period when the takeover price is being determined and results in a lower target premium. These findings are robust to a battery of specifications and falsification tests. Our results are consistent with expected spillovers influencing the timing and content of firms’ disclosures in M&A transactions.     

Do enhanced derivative disclosures work? An informational perspective

Firms use derivatives both for hedging and nonhedging purposes. The Statement of Financial Accounting Standards No. 161 (SFAS 161) requires firms to disclose the purposes of their derivatives usage, thereby helping investors to evaluate the effects of derivatives usage on firm performance. Using a hand-collected sample of US listed firms and a difference-in-differences research design, we find that, compared with nonderivative-users, derivative-users compliant with SFAS 161 experience a significantly greater reduction in stock illiquidity and the probability of informed trading in the post-SFAS 161 period, and such impact is evident only for firms with a high degree of investor attention.     

对莎士比亚SONNET 18的主位推进模式分析

莎士比亚的十四行诗是英国文学史中不可逾越的高峰,几乎每一首诗都有着独立的审美价值。笔者通过以韩立德语篇功能中的主位推进模式为基,对莎士比亚的第十八首十四行诗进行分析,旨在说明主位推进模式用于诗歌赏析的独特之处,从而帮助读者更好的理解诗歌的意义。     

Disclosing Celebrity Endorsement in a Television Program to Mitigate Persuasion: How Disclosure Type and Celebrity Credibility Interact

This experiment (N = 165) examined the effects of two aspects of in-program celebrity endorsement on brand attitudes and product claim acceptance: credibility of the celebrity and the effects of disclosure types. Although there is an increasing call for endorsement disclosures, the effects of these disclosures remained unstudied. This study, conducted in The Netherlands, showed that disclosure of the persuasive intent of in-program celebrity endorsements only resulted in reduced acceptance of product claims among viewers who did not perceive the celebrity in the endorsement as credible. This study has important implications for legislators.