How has regulation FD affected the operations of financial analysts?;Quelle a été l'incidence de la réglementation en matière de communication èquitable de l'information sur les activités des analystes financiers ?

Contemporary Accounting Research

Volumn 23, Issue 2, 2006, Pages 491-525

  Mohanram, Partha S ^a   Sunder, Shyam V ^b  

^a Columbia University ^*  (United States)

^b NORTHWESTERN UNIVERSITY   (United States)

Author keywords

Analyst coverage; Forecast accuracy; Information precision; Regulation FD

Indexed keywords

EID: 33745584604     PISSN: 08239150     EISSN: None     Source Type: Journal    
DOI: 10.1506/7H81-8J8X-C6RT-UVJP     Document Type: Article

References (24)

1. Association for Investment Management and Research (AIMR). 2000. AIMR corporate disclosure survey. Charlottesville, VA: AIMR. Online at http://www.cfainstitute.org/pressroom/pdf/corpdiscsurv.pdf.
2. Bailey, W., H. Li, C. X. Mao, and R. Zhong. 2003. Regulation Fair Disclosure and earnings information: Market, analyst, and corporate responses. The Journal of Finance 58 (6): 2487-514.
3. Barron, O. E., O. Kim, S. C. Lim, and D. E. Stevens. 1998. Using analysts' forecasts to measure properties of analysts' information environment. The Accounting Review 73 (4): 421-33.
4. Barron, O. E., Byard, D., and O. Kim, 2002. Changes in analysts' information around earnings announcements. The Accounting Review 11 (4): 821-46.
5. Bhushan, R. 1989. Firm characteristics and analyst following. Journal of Accounting and Economics 11 (2-3): 255-74.
6. Brown, S., S. H. Hillegeist, and K. Lo. 2004. Conference calls and information asymmetry. Journal of Accounting and Economics 37 (3): 343-66.
7. Byard, D., and K. W. Shaw. 2003. Corporate disclosure quality and properties of analysts' information environment. Journal of Accounting, Auditing and Finance 18 (3): 355-78.
8. Dugar, A., and S. Nathan. 1995. The effect of investment banking relationships on financial analysts' earnings forecasts and investment recommendations. Contemporary Accounting Research 12 (1): 131-60.
9. Eleswarapu, V. R., R. Thompson, and K. Venkataraman. 2004. The impact of Regulation Fair Disclosure: Trading costs and Information asymmetry. Journal of Financial and Quantitative Analysis 39 (2): 209-25.
10. Ertimur, Y. 2004. Accounting numbers and information asymmetry: Evidence from loss firms. Working paper, Stanford University.
11. Francis, J., and K. Schipper. 1999. Have financial statements lost their relevance? Journal of Accounting Research 37 (2): 319-52.
12. Heflin, F., K. R. Subramanyam, and Y. Zhang. 2003. Regulation FD and the financial information environment: Early evidence. The Accounting Review 78 (1): 1-37.
13. Lin, H., and M. McNichols. 1997. Underwriting relationships and analysts' earnings forecasts and investment recommendations. Journal of Accounting and Economics 25 (1): 101-27.
14. Michaely, R., and K. Womack. 1999. Conflict of interest and the credibility of underwriter analyst forecasts. Review of Financial Studies 12 (4): 653-86.
15. Regulation Fair Disclosure (Reg FD). 2000. 17 CFE 243.100-243.103.
16. Security Industry Association (SIA). 2000. Comment letter to the SEC. Online at http://www.sia.com/2000_comment_letters/pdf/proposed_regulation_fd.pdf.
17. Security Industry Association (SIA). 2001. Regulation FD: How is it working? Research Reports 2 (4): 15-9. Online at http://www.sia.com/research/pdf/RsrchRprtVol2-4.PDF.
18. Shane, P., and P. Brous. 2001. Investor and (Value Line) analyst underreaction to information about future earnings: The corrective role of non-earnings surprise information. Journal of Accounting Research 39 (2): 387-404.
19. Sinha, P., L. Brown, and S. Das. 1997. A re-examination of financial analysts differential forecast accuracy. Contemporary Accounting Research 14 (1): 1-42.
20. Skinner, D. 1994. Why do firms voluntarily disclose bad news? Journal of Accounting Research 32 (1): 38-60.
21. Sunder, S. V. 2003. Investor access to conference call disclosures: Impact of Regulation Fair Disclosure on information asymmetry. Working paper, Northwestern University.
22. Venkataraman, R. 2001. The impact of SFAS 131 on financial analysts' information environment. Working paper, University of Minnesota.
23. White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 (4): 817-43.
24. Zitzewitz, E. 2002. Regulation Fair Disclosure and the private information of analysts. Working paper, Stanford University.