In the recent years, the US and the EC have witnessed the adoption of new regulations focused on financial analysts. This study investigates whether the European regulations, known as the Market Abuse Directive (MAD) changed the distribution of recommendations and increased their credibility...financial analysts ; conflicts of interest ; recommendations ; Market Abuse Directive; European Union

M. Dubois

Pascal Dumontier

English

Research Papers in Economics

A regulatory dilemma: electronic access to foreign markets.

An analysis of brokers’ and analysts’ unpublished forecasts of UK stock returns.

Analyst behaviour following IPOs: the “Bubble Period” evidence.

Analyst Forecast Accuracy: Do Ability, Resources, and Portfolio Complexity Matter?

Analyst impartiality and investment banking relationships.

Analysts’ forecasts as earnings expectations.

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Are lead analysts really optimistic? Working Paper,

Can investors profit from the prophets? Security analyst recommendations and stock returns.

Comparing the stock recommendation performance of investment banks and independent research firms.

Competing for securities underwriting mandates: banking relationships and analyst recommendations.

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Conference calls and information asymmetry.

Conflict of interest and the credibility of underwriter analysts’ recommendations.

Conflicts of interest and stock recommendations – The effects of the global settlement and related regulations. SSRN: http://ssrn.com/abstract=568884

Conflicts of interest in investment services: the price and uncertain impact of MiFID’s regulatory framework.

Conflicts of Interest in Sell-side Research and the Moderating Role of Institutional Investors.

Conflicts of interest, information provision, and competition in the financial services industry.

Do accurate earnings forecasts facilitate superior investment recommendations?

Do Analyst Conflicts Matter? Evidence from stock recommendations.

Do analysts herd? An analysis of recommendations and market reactions. SSRN:

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Do independent analysts provide superior stock recommendations?

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Do non-investment bank analysts make better earnings forecasts? Journal of Accounting, Auditing and Finance, Forthcoming. h a l s h s -0 , v e r s i o n -N o v

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Does forecast accuracy matter to security analysts?

Effect of Reg FD on information in analysts’ rating changes.

Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies forthcoming.

Expertise in forecasting performance of security analysts,

Financial analyst characteristics and herding behavior in forecasting.

Following the leader: a study of individual analysts earnings forecasts,

How has Regulation FD affected the operations of financial analysts?

How important is past analyst forecast accuracy?.

Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital.

Investment analysis and the adjustment of stock prices to common information.

Investor access to conference call disclosures: Impact of Regulation Fair Disclosure on information asymmetry. SSRN: http://ssrn.com/abstract=298653 h a l s h s -0 , v e r s i o n -N o v

Market Abuse Directive (2003/6/EC). http://www.freshfields.com/publications/pdfs/2006/13447.pdf Gleason,

Measure for measure: the relation between forecast accuracy and recommendation profitability of analysts.

Measuring the costs and benefits of regulation: conceptual issues in securities markets.

Professional expectations: accuracy and diagnosis of errors.

Rationality and analysts’ forecast bias.

Regulating the Financial Analysis Industry: Is the European Directive Effective?

Regulation Fair Disclosure and earnings information: market, analyst, and corporate responses.

Regulation fair disclosure and the market’s reaction to analyst investment recommendation changes.

Regulation FD and the financial information environment: early evidence.

Reputation and performance among security analysts.

Resolving regulatory conflicts between the capital markets of the United Sates and Europe.

SEC Regulation Fair Disclosure, information, and the cost of capital.

Self-selection and analyst coverage.

Several tests for model specification in the presence of alternative hypotheses.

Strength of analyst coverage following IPOs.

That ship has sailed: unaffiliated analysts’ recommendation performance for IPO firms. SSRN:

The economics of conflicts of interest in financial institutions.

The effect of investment banking relationships on financial analysts’ earnings forecasts and investment recommendations.

The impact of All-Star analyst job changes on their coverage choices and investment banking deal flow.

The impact of Regulation Fair Disclosure: trading costs and information asymmetry.

The impact of research reports on stock prices

The impact of trading commissions incentives on analysts’ stock coverage decisions and earnings forecasts.

The influence of corporate risk exposures on the accuracy of earnings forecasts. SSRN:

The influence of culture and corporate governance on the characteristics that distinguish superior analysts.

The relation between analysts’ forecast of long-term earnings growth and stock price performance following equity offerings.

The relative informativeness of analysts’ stock recommendations.

The timing and value of forecast and recommendation revisions.

The value of analysts' recommendations and the organization of financial research.

Underwriting relationships, analysts’ earnings forecast and investment recommendations.

Value of analyst recommendations: International evidence.

When analysts talk, who listens? Accounting Review 82,

Which types of analyst firms make more optimistic forecasts?

Who is Afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC's Fair Disclosure Rules.

Regulating the financial analysis industry : Is the European Directive effective ?

http://halshs.archives-ouvertes.fr/docs/00/53/30/84/PDF/cr_2009_07_E2.pdf

Regulating the financial analysis industry : Is the European Directive effective ?

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