Over-reaction by security market analysts: the impact of broker status and firm size

Article Abstract:

Short-term earnings forecasts by UK stockbrokers are examined to find evidence of both generalized over-reaction and over-reaction to prior changes in annual earnings. The findings reveal no indications of systematic forecasting errors at a three-month horizon. While there is evidence of generalized over-reaction at a 12-month horizon, the results do not show that this is the result of analysts' over-reaction to previous earnings changes.

Financial Forecasting, Stock price forecasting, Business forecasting

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The integration and efficiency of international bond markets

Article Abstract:

Cointegration analysis is applied based on the Salomon Brothers Total Return Government Bond indices to measure the level of integration for UK, US, German and Japanes bond markets over a long-term period. Minimal correlation between bond and stock returns across different markets indicated the former to be a vital factor in portfolio diversification. The studied government bond markets showed poor integration over the given period.

Economic aspects, Portfolio management, Credit market, Credit markets

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Alternative solutions to underinvestment, under equity and credit rationing

Article Abstract:

Research shows that, for companies with limited access to equity markets, credit insurance is the most effective way to allow them to undertake investment. Outcome insurance programs can be used where the former has moral hazard problems.

Analysis, Credit insurance, Credit management

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