The role of financial analysts in stock market efficiency with respect to annual earnings and its cash and accrual components

This study examines biases in stock prices and financial analysts\u27 earnings forecasts. These biases take the form of systematic overweighting or underweighting of the persistence characteristics of cash versus accrual earnings components. Our evidence suggests that stock prices tend to overweight and financial analysts tend to underweight these persistence characteristics. Furthermore, we find that analysts\u27 underweighting attenuates stock price overweighting. However, we find little evidence that the overweighting in stock prices attenuates analyst underweighting. This study brings a new perspective to the literature regarding the disciplining role of financial analysts in capital markets

General Education Learning Outcomes and Demographic Correlates in University Students in Hong Kong

Although there are studies showing that higher education would benefit university students, empirical research that comprehensively assesses student general education learning outcomes and related demographic correlates based on longitudinal data is minimal, especially in the Chinese context. To address the research gaps, the present study was conducted to investigate learning outcomes amongst university students in one university in Hong Kong based on a four-year longitudinal design (N = 460). Four dimensions of student general education learning outcomes were measured, including effective reasoning and problem solving, leadership, moral character, and integration of learning. Results suggested a U-shaped pattern of student learning outcomes for most dimensions, with no improvement or even a decrement in the second year and a steady growth thereafter. While family background did not affect student development, gender showed a significant moderating effect on students’ development in two dimensions (i.e., effective reasoning and problem solving, and integration of learning). These findings suggest that students benefit from general education-embedded university study in multiple dimensions, especially after the first year of transition period. Practical implications of the findings and future research directions were also discussed