Vadim Balashov

Vadim Balashov
Rutgers, The State University of New Jersey, Camden, United States · Rutgers School of Business - Camden

PhD

About

18
Publications
3,126
Reads
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111
Citations
Citations since 2016
16 Research Items
88 Citations
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Introduction
Information Role of Financial Analysts, Piggybacking by Financial Analysts, Analysts’ Career Concerns, Capital Markets, and Irrational Investor Trading
Additional affiliations
August 2008 - July 2013
Tulane University
Position
  • Lecturer

Publications

Publications (18)
Article
Full-text available
The COVID-19 pandemic has spurred controversies related to whether countries manipulate reported data for political gains. We study the association between accuracy of reported COVID-19 data and developmental indicators. We use the Newcomb–Benford law (NBL) to gauge data accuracy. We run an OLS regression of an index constructed from developmental...
Preprint
Full-text available
The COVID-19 pandemic has spurred controversies related to whether countries manipulate reported data for political gains. We study the association between accuracy of reported COVID-19 data and developmental indicators. We use the Newcomb-Benford law (NBL) to gauge data accuracy. We run an OLS regression of developmental indicators (EIU index, GDP...
Article
Full-text available
We conduct a search for pairs of companies with similar names/ticker symbols. Between 12% and 25% of such pairs exhibit co-movements in trading turnover, which we attribute to investor confusion. We estimate that trades made by mistake contributed to 5% of the trading turnover. The three-hour CARs for the company chosen by mistake around the time i...
Article
Full-text available
Purpose This study aims to investigate the behavior of sell-side analysts covering firms that are about to experience breaks in strings of consecutive quarterly earnings increases. Design/methodology/approach The authors estimate the likelihood of analysts predicting a break by using logit regressions for nearly half a million earnings per share f...
Article
Full-text available
A B STR A C T Firms that report consecutive earnings increases, called earnings strings, receive an overvaluation from the stock market. We examine whether the presence of earnings strings affects equity research analysts' opinions beyond company fundamentals. We find that analysts issue more optimistic forecasts and more favorable stock recommenda...
Article
Full-text available
Why do some analysts reveal their long-horizon forecasts, while many other analysts do not? We argue that analysts reveal their long-horizon forecasts to generate publicity and we find evidence consistent with this hypothesis. Analysts that work for smaller, less prestigious brokerages, where a larger fraction revenue comes from trading fees, are m...
Article
Full-text available
Abstract We study sell-side analysts' motives to diversify their portfolios across industries. Despite the negative association between diversification and accuracy, over 60% of analysts cover multiple industries. We argue that analysts' choice to diversify is rooted in concerns about future job security. We find that more diversified analysts are...
Article
We assess investment banks’ influence over the agreement between their analysts’ research behavior and their clients’ interests, in the post-reform era. Competing banks discipline their analysts with worse career outcomes for producing biased reports, issuing shirking reports, and for involvement in the earnings guidance game, showing meaningful mo...
Article
In this article I investigate the association between analysts’ ability to issue influential recommendations and their career outcomes. The fraction of recommendations that are defined as influential are linked to a higher probability of an analyst moving to a higher status brokerage house, and a lower probability of either being demoted to a lower...
Article
Between 1984 and 2014 over 3400 sell-side analysts changed the primary industry they followed. This article documents that analysts are more likely to change their industries when their absolute and relative forecasting accuracy in that industry is low and when the accuracy in the new industry is high. Analysts are more likely to switch industries...
Article
Full-text available
Contrary to the common view that analysts are important information agents, intraday returns evidence shows that announcements of analysts' forecast revisions release little new information, on average. Further cross-sectional evidence from returns around the announcements confirms that revisions are virtually information free. Daily announcement r...
Article
This study examines whether security analyst earnings forecasts are informative. A widely held view supported by several empirical studies is that security analyst earnings forecasts are informative. We present evidence drawn from more detailed analyses of security returns than used in past studies which shows analyst forecasts are not particularly...

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