The paper shows that the buy or sell recommendations of security analysts have a significant positive influence on the recommendations of the next two analysts. This influence can be traced to short-lived information in the most recent revisions. In contrast, the influence of the prevailing

This study investigates the role of security analysts in reducing noise in stock price fluctuations. Using a sample of analyst coverage initiations between 1984 and 2006, the study finds that (1) noise is significantly reduced in the year following the initiation and (2) the extent of the noise

Intrusion detection (ID) systems have become increasingly accepted as an essential layer in the information security infrastructure. However, there has been little research into understanding the human component of ID work. Currently, security analysts face an increasing workload

transactions costs and leading to abnormal net returns for these strategies that are not reliably greater than zero. THIS STUDY EXAMINES WHETHER INVESTORS can profit from the publicly available recommendations of security analysts. Academic theory and Wall Street practice are clearly at odds regarding

Modern cyber defense requires a realistic and thorough understanding of web application security issues. Anyone can learn to sling a few web hacks, but web application penetration testing requires something deeper. Major web application flaws and their exploitation, a field-tested and repeatable

We are grateful to workshop participants at the University of Illinois at Chicago for their comments on the paper. We thank the University of Illiniois at Chicago for financial support of this project. The Role of Security Analysts and its Implications for Regulation FD We examine analysts

*Corresponding authorWhen Security Analysts Talk Who Listens? Regulators ’ interest in analyst recommendations stems from the belief that small investors are unaware of the conflicts sell-side analysts face and may, as a consequence, be misled into making suboptimal investment decisions. We examine

Why do security analysts issue overly positive recommendations? We propose a novel empirical strategy to assess the relative importance of the leading explanations: strategic distortion, which reflects incentives to trigger small-investor purchases and please management, and non

with their rivals. In this paper, we examine the impact of this “multipoint contact ” on two key dimensions of competition among security analysts: forecast accuracy and information leadership (issuing earnings forecasts or stock recommendations that influence rival analysts). We find that multipoint contact

In this study we examine the complementary monitoring activity that takes place via the Sarbanes-Oxley Act (SOX) and its effect on security analyst monitoring activity and firm value of large and small public firms. Our findings indicate that security analyst monitoring activity has decreased post