000030509 001__ 30509
000030509 005__ 20131209145632.0
000030509 0247_ $$2urn$$aurn:nbn:ch:rero-006-111208
000030509 0248_ $$aoai:doc.rero.ch:20121025143111-XC$$punisi$$prero_explore$$pcdu33$$pthesis$$pinfonet_economy$$pthesis_urn$$zreport$$zbook$$zjournal$$zcdu16$$zpostprint$$zpreprint$$zcdu1$$zdissertation$$zcdu34
000030509 041__ $$aeng
000030509 080__ $$a33
000030509 100__ $$aBarmpoutis, Vasileios$$d1982-08-22
000030509 245__ $$9eng$$aFinancial analysts, information and market efficiency
000030509 300__ $$a275 p
000030509 502__ $$92012-10-09$$aThèse de doctorat : Università della Svizzera italiana, 2012 ; 2012ECO002
000030509 506__ $$ffree
000030509 508__ $$amagna cum laude
000030509 520__ $$9eng$$aThe first paper (joint with François Degeorge and Roni Michaely) examines the role of brokers in the performance of securities analysts, after taking into account the inherent abilities of the employed  analysts. The question we are asking is if working at a large and resourceful Wall Street firm has overall advantages to the analyst, after controlling for an analyst's inherent ability. From the analysis,  we have concluded that the effect of working for a large Wall Street firm is weak and in many cases the top firms are detrimental to their analysts' performance. The second paper examines financial  analysts’ forecast errors and dispersion with respect to dividend paying firms. I find that the errors and the dispersion for firms that pay ordinary quarterly dividends are lower than for firms that do not.  I examine if there is more information or better quality information for dividend paying firms as an explanation for the lower errors and dispersion. The empirical results confirm this hypothesis. In the third  paper I use the long-term growth forecasts produced by financial analysts to examine the extrapolation hypothesis. The extrapolation hypothesis states that investors are too optimistic about growth  and big firms and too pessimistic about value and small firms, extrapolating the firms’ recent performance. I find that the errors of the forecasts are higher for the growth firms and larger firms, providing  thus support to the extrapolation hypothesis.
000030509 695__ $$9eng$$aFinancial analysts ; Information ; Earnings forecast ; Analyst recommendations ; Brokers ; Market efficiency ; Extrapolation hypothesis ; Dividends ; Signaling
000030509 700__ $$aDegeorge, François$$eDir.
000030509 8564_ $$f2012ECO002.pdf$$qapplication/pdf$$s4050218$$uhttp://doc.rero.ch/record/30509/files/2012ECO002.pdf$$yorder:1$$zTexte intégral
000030509 918__ $$aFacoltà di scienze economiche$$bVia Giuseppe Buffi 13, CH-6904 Lugano
000030509 919__ $$aUniversità della Svizzera italiana$$bLugano$$ddoc.support@rero.ch
000030509 980__ $$aTHESIS$$bUNISI$$fTH_PHD
000030509 990__ $$a20121025143111-XC