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Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis

Archive ouverte | Foucault, Thierry | CCSD

Centre for Economic Policy Research, Londres, n° 8331/2011. We show that the sensitivity of corporate investment to stock price is higher for firms cross-listed in the U.S. than for firms that never cross-list. This...

Does Big Data Improve Financial Forecasting? The Horizon Effect

Archive ouverte | Dessaint, Olivier | CCSD

We study how data abundance affects the informativeness of financial analysts' forecasts at various horizons. Analysts produce forecasts of short-term and long-term earnings and choose how much information to collect about each ho...

The Horizon of Investors' Information and Corporate Investment

Archive ouverte | Dessaint, Olivier | CCSD

We study how the quality of investors' information across horizons influences investment. In our theory, managers care about how investment is impounded in current stock prices. Because prices imperfectly reflect investment’s valu...

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