Download or read book Conflicts of Interest and Analyst Behavior written by Armen Hovakimian and published by . This book was released on 2009 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent efforts of regulators have helped neutralize analysts' conflict of interest. Analysts tended to make overly optimistic earnings forecasts prior to Regulation FD and the Global Analyst Research Settlement. Regulation FD made analysts less dependent on insider information and, thereby, diminished analysts' motives to inflate their forecasts. The impact of Regulation FD is more apparent for firms with less informational transparency. The Global Settlement had an even bigger impact on analyst behavior. After the Global Settlement, the mean forecast bias declined significantly, whereas the median forecast bias essentially disappeared. These results are not limited to 12 banks covered by the Global Settlement, but are similar for all analysts.
Download or read book Analyst Conflicts and Research Quality written by Anup Agrawal and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how the quality of stock analysts' forecasts is related to conflicts of interest from investment banking and brokerage. We consider four aspects of forecast quality: accuracy, bias and frequency of revision of quarterly earnings forecasts, and relative optimism in long-term earnings growth (LTG) forecasts. Using a unique dataset that contains the revenue breakdown of analysts' employers among investment banking, brokerage, and other businesses over the 1994-2003 period, we establish two main findings. First, there appears to be no relation between accuracy or bias in quarterly forecasts and several measures of conflict severity, after controlling for forecast age, firm resources and analyst workloads. This result holds even for technology stocks and during the late 1990s stock market boom. Second, relative optimism in LTG forecasts and the frequency of revision of quarterly earnings forecasts are positively related to the importance of brokerage business to analysts' employers. Additional tests suggest that quarterly forecast revisions occur for purposes other than purely to provide investors with timely, accurate forecasts. Overall, our results on LTG forecasts and forecast revision frequency suggest that brokerage conflicts are important in shaping analysts' forecasting behavior.
Download or read book Ethics for Behavior Analysts written by Jon S. Bailey and published by Routledge. This book was released on 2022-04-04 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fully updated fourth edition of Jon S. Bailey and Mary R. Burch’s bestselling Ethics for Behavior Analysts is an invaluable guide to understanding and implementing the newly revised Behavior Analyst Certification Board® (BACB) Ethics Code for Behavior Analysts. Featured in this new edition are explanations of each code standard along with case studies drawn from questions submitted to Bailey's ABA Ethics Hotline (with permission of the writers of the cases) along with edited responses. New chapters include significant changes in this code, an elaboration of the core ethical principles, and the distinction between a client and stakeholder. Further new features include a chapter on ethical decision-making, including flowcharts demonstrating how to arrive at ethical decisions. Additional new chapters focus on finding an ethical place to work, an updated code of ethics for organizations, and how to file a Notice of Alleged Violation. This text is the go-to ethics resource for behavior analysts in training and in practice.
Download or read book Conflicts of Interest in Sell Side Analyst Research written by Leonard Witteler and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the impact of NASD 2711, NYSE 472 and of the Global Analyst Research Settlement Agreement between US regulators and ten of the biggest brokerage houses in the US underwriting industry on sell-side analyst research and the mitigation of conflicts of interest with the investment banking department. Using the full dataset of 163,026 sell-side analyst reports on S&P 500 companies published on the Investext database between November 2000 and December 2004, I document changes in analyst and investor behavior following the regulations. In line with prior evidence on changing rating distributions, I find that actual analyst sentiment also becomes more pessimistic. This effect is more pronounced for sanctioned brokerage houses, while not sanctioned, but also regulated brokerage houses do not react more than the unregulated control group. Market reactions to analyst reports are stronger following the regulations, suggesting a restoration of investor confidence in such information as hoped for by the regulator. Investors do not adjust for the cross-sectional differences in report sentiment of the sanctioned brokerage houses. They react less to research published by the sanctioned brokerage houses, as well as the other regulated brokerage houses, suggesting the existence of trust issues after the regulations. The findings have important ramifications for policy making in the financial industry, suggesting that the sanctions should have been extended to more than the biggest brokerage houses. In an additional test, I find that inconsistency between report sentiment and the quantitative summary measures is more pronounced for analyst reports with conflict of interest issues, both before and after the regulations, and even in research where conflicts of interest are not easily observable to the reader at the time of publishing. The findings suggest that sentiment-rating inconsistency can be used to identify conflicts of i.
Download or read book Ethics for Behavior Analysts written by Jon Bailey and published by Taylor & Francis. This book was released on 2013-05-13 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This expanded second edition of the landmark 2005 text, Ethics for Behavior Analysts, provides readers with a valuable resource in preparing behavior analysts for the difficult task of providing quality services"--Provided by publisher.
Download or read book A Behavioral Approach to Asset Pricing written by Hersh Shefrin and published by Elsevier. This book was released on 2008-05-19 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral finance is the study of how psychology affects financial decision making and financial markets. It is increasingly becoming the common way of understanding investor behavior and stock market activity. Incorporating the latest research and theory, Shefrin offers both a strong theory and efficient empirical tools that address derivatives, fixed income securities, mean-variance efficient portfolios, and the market portfolio. The book provides a series of examples to illustrate the theory. The second edition continues the tradition of the first edition by being the one and only book to focus completely on how behavioral finance principles affect asset pricing, now with its theory deepened and enriched by a plethora of research since the first edition
Download or read book Ethics for Behavior Analysts written by Mary Burch and published by Routledge. This book was released on 2016-03-22 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fully-updated third edition of Jon Bailey and Mary Burch’s bestselling Ethics for Behavior Analysts is an invaluable guide to understanding and implementing the newly-revised Behavior Analyst Certification Board (BACB) Professional and Ethical Compliance Code. Featured in this new edition are case studies drawn from the author’s real-world practice with hints to guide readers toward the ethical ‘solution’ and revised chapters, including how this new edition evolved alongside the revised Code and tips for succeeding in your first job as a certified behavior analyst. The complete, revised BACB Professional and Ethical Compliance Code is included as an appendix. This third edition improves upon what has become a go-to resource for behavior analysts in training and in practice.
Download or read book Understanding Ethics in Applied Behavior Analysis written by Ann Beirne and published by Routledge. This book was released on 2021-12-23 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the foundation for a lifelong journey of ethical practice in service for individuals with autism spectrum disorder and other developmental disabilities. The second edition of Understanding Ethics in Applied Behavior Analysis includes an explanation of each element in the Ethics Code for Behavior Analysts, along with considerations for ethical practice and examples from the field. Professional behavior for the behavior analyst is also addressed when fulfilling roles as teacher, employee, manager, colleague, advocate, or member of a multidisciplinary team. This new edition expands on the first chapter’s introduction of moral philosophy, adds a new chapter on ethical decision-making and core principles, and provides a study guide to assist those preparing for the Behavior Analyst Certification Board exams. Drawing upon Beirne and Sadavoy’s combined 40 years of clinical experience as well as the reflections of colleagues in the field, this is an indispensable guide to ethics for behavior analysis students.
Download or read book Conflict of Interest in Medical Research Education and Practice written by Institute of Medicine and published by National Academies Press. This book was released on 2009-09-16 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collaborations of physicians and researchers with industry can provide valuable benefits to society, particularly in the translation of basic scientific discoveries to new therapies and products. Recent reports and news stories have, however, documented disturbing examples of relationships and practices that put at risk the integrity of medical research, the objectivity of professional education, the quality of patient care, the soundness of clinical practice guidelines, and the public's trust in medicine. Conflict of Interest in Medical Research, Education, and Practice provides a comprehensive look at conflict of interest in medicine. It offers principles to inform the design of policies to identify, limit, and manage conflicts of interest without damaging constructive collaboration with industry. It calls for both short-term actions and long-term commitments by institutions and individuals, including leaders of academic medical centers, professional societies, patient advocacy groups, government agencies, and drug, device, and pharmaceutical companies. Failure of the medical community to take convincing action on conflicts of interest invites additional legislative or regulatory measures that may be overly broad or unduly burdensome. Conflict of Interest in Medical Research, Education, and Practice makes several recommendations for strengthening conflict of interest policies and curbing relationships that create risks with little benefit. The book will serve as an invaluable resource for individuals and organizations committed to high ethical standards in all realms of medicine.
Download or read book Conflict or Credibility written by James C. Spindler and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that, contrary to conventional wisdom, conflicts of interest among equities research analysts (i.e., where investment banks would offer positive analyst research in quid pro quos for underwriting business) were beneficial to the capital markets. First, conflicted analyst research credibly signaled positive inside information that is otherwise too costly to communicate under Securities Act liability, correcting informational asymmetries. Second, conflicted analyst research mitigated agency costs between issuer and underwriter by allowing the underwriter to credibly commit to exerting more effort than the underwriter would prefer. Third, analyst research quid pro quos took the form of a competitive bidding market among underwriters, and may have improved competition in the underwriting industry. In light of these conclusions, recent reforms prohibiting analyst conflicts of interest are counterproductive. Preferable modes of regulation include liberalizing Securities Act liability, increasing mandatory disclosure of conflicts, and increasing fraud penalties.
Download or read book Independent and Affiliated Analysts written by Hao Xue and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates strategic interactions between an independent analyst and an affiliated analyst in the context of issuing stock recommendations. Compared to the independent analyst, the affiliated analyst has superior information but faces a conflict of interest. I show that the independent analyst disciplines the affiliated analyst's biased forecasting behavior. Meanwhile, the independent analyst sometimes herds with the affiliated analyst to improve his recommendation accuracy. Because of the affiliated analyst's conflict of interest, the value the independent analyst expects to derive from his ex-post herding option is endogenous and can motivate him to acquire more information up front. As a result, herding and disciplining not only coexist but also mutually reinforce each other. That is, there is an endogenous complementarity between the independent analyst's ex-ante disciplining role and his ex-post herding behavior in equilibrium.
Download or read book Analyst Behavior Following Ipos written by Daniel Bradley and published by . This book was released on 2019 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine over 7,400 analyst recommendations in the year after going public for IPOs from 1999-2000. Initiations at the end of the quiet period come almost exclusively from affiliated analysts, while initiations afterwards are predominantly from unaffiliated analysts. Once we control for timing, we find no evidence of a difference in market reaction to affiliated versus unaffiliated analyst initiations. Our results contradict prior findings that the market discounts recommendations from affiliated analysts, suggesting instead that the informational advantage possessed by affiliated analysts outweighs the greater conflicts of interest they may face. Finally, the amount of analyst coverage is related to the number of managing underwriters only for the smallest IPOs.
Download or read book Back to Basics written by Amanda N. Kelly and published by Academic Press. This book was released on 2023-03-09 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: In day-to-day practice, behavior analysts face many complex challenges that require both an accurate interpretation of ethical guidelines and a fair amount of independent judgment. Back to Basics: Ethics for Behavior Analysts guides readers on how to prevent conflicts and develop comfort where there is discomfort, while it also effectively and ethically disseminates information about the science of behavior analysis. The book includes both student and instructor resources, along with supplemental readings, podcast episodes, scenarios, essay prompts, and instructor quiz questions, making it a valuable resource for early career and seasoned analysts alike. Informed by the authors’ decades of practice, this book provides a guide on how to successfully navigate ethical dilemmas using real-life scenarios. Features a number of ethical scenarios faced by practicing behavioral analysts Contains step-by-step guides to resolving conflicts Highlights relevant ethical code elements Includes additional materials for instructors and students
Download or read book Clinical Guide to Early Interventions for Children with Autism written by Giacomo Vivanti and published by Springer Nature. This book was released on 2020-08-17 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines early interventions for children with autism spectrum disorder (ASD) with the goal to enable primary care physicians as well as other clinicians, therapists, and practitioners to assist parents in making informed decisions based on current research. It provides a map for successfully navigating the maze of early interventions for ASD, focusing on evidence. Chapters review the similarities and differences between current evidence-based treatments, how these treatments work, the factors that facilitate their effectiveness, and the pros and cons of their use for different children and different needs. In addition, chapters discuss the services, laws, policies, and societal issues related to early intervention in ASD. Featured topics include: Criteria to evaluate evidence in ASD interventions. Effective approaches for Social communication difficulties in ASD. Effective approaches for Restricted and repetitive behaviors (RRBs) in ASD. Naturalistic, developmental approaches to early intervention for children with ASD The TEACCH approach and other visually based approaches for children with ASD. Applied Behavior Analysis (ABA) approaches to early intervention for children with ASD. What works for whom in ASD early intervention Clinical Guide to Early Interventions for Children with Autism is an essential resource for clinicians, primary care providers, and other practitioners as well as researchers, professors, and graduate students in the fields of child, school, and developmental psychology, pediatrics, social work, child and adolescent psychiatry, primary care medicine, and related disciplines.
Download or read book Analyzing the Analysts written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2001 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Overview of the Enron Collapse written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 2005 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Regulation of Corporate Disclosure 4th Edition written by Brown and published by Wolters Kluwer. This book was released on 2016-12-15 with total page 2350 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Corporate Disclosure is a one-volume treatise on the disclosure regime in place under the Federal securities laws. The treatise addresses the formal disclosure process (periodic reports, MD&A, Regulation FD), the informal disclosure process (press releases, social media, discussions with analysts), and the application of the antifraud provisions to these communications. The treatise includes chapters on scienter and materiality, and also addresses communications with and disclosure obligations to shareholders. The Fourth Edition has been significantly revised and, among other topics, includes coverage of: The duties and responsibilities of corporate officials relating to the disclosure process The most recent cases addressing disclosure issues, including decisions by the Supreme Court on topics such as the application of the antifraud provisions to beliefs and opinions Pronouncements by the U.S. Securities and Exchange Commission on disclosure issues, including consideration of the SEC's efforts to improve disclosure effectiveness The developing need to consider disclosure of public interest matters, including the effects of climate change on a company's business The disclosure requirements applicable to the proxy process, including the system for uncovering the identity of street name owners State disclosure obligations of the board of directors under its fiduciary obligations to shareholders.
