Analyst Conflicts and Research Quality

2012 ◽  
Vol 02 (02) ◽  
pp. 1250010 ◽  
Author(s):  
Anup Agrawal ◽  
Mark A. Chen
Keyword(s):  
Conflicts Of Interest ◽  
Earnings Forecasts ◽  
Research Quality ◽  
Firm Resources ◽  
Forecast Revisions ◽  
Quarterly Earnings ◽  
Earnings Per Share ◽  
Stock Analysts

This paper examines whether the quality of stock analysts' forecasts is related to conflicts of interest from their employers' investment banking (IB) and brokerage businesses. We consider four aspects of forecast quality: accuracy, bias, and revision frequency of quarterly earnings per share (EPS) forecasts and relative optimism in long-term earnings growth (LTG) forecasts. Using a unique dataset that contains the annual revenue breakdown of analysts' employers among IB, brokerage, and other businesses, we uncover two main findings. First, accuracy and bias in quarterly EPS forecasts appear to be unrelated to conflict magnitudes after controlling for forecast age, firm resources, and analyst characteristics. Second, relative optimism in LTG forecasts and the revision frequency of quarterly EPS forecasts are positively related to the importance of brokerage business to analysts' employers. Additional tests suggest that the frequency of quarterly forecast revisions is positively related to analysts' trade generation incentives. Our findings suggest that reputation concerns keep analysts honest with respect to short-term earnings forecasts but not LTG forecasts. In addition, conflicts from brokerage appear to play a more important role in shaping analysts' forecasting behavior than has been previously recognized.

scholarly journals The Role of Anchoring Bias in the Equity Market: Evidence from Analysts’ Earnings Forecasts and Stock Returns

2012 ◽  
Vol 48 (1) ◽  
pp. 47-76 ◽  
Author(s):  
Ling Cen ◽  
Gilles Hilary ◽  
K. C. John Wei
Keyword(s):  
Stock Returns ◽  
Earnings Forecasts ◽  
Equity Market ◽  
Stock Splits ◽  
Forecast Errors ◽  
Forecast Revisions ◽  
Earnings Per Share ◽  
Earnings Surprises ◽  
Anchoring Bias

AbstractWe test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors, earnings surprises, stock returns, and stock splits. We find that analysts make optimistic (pessimistic) forecasts when a firm’s FEPS is lower (higher) than the industry median. Further, firms with FEPS greater (lower) than the industry median experience abnormally high (low) future stock returns, particularly around subsequent earnings announcement dates. These firms are also more likely to engage in stock splits. Finally, split firms experience more positive forecast revisions, more negative forecast errors, and more negative earnings surprises after stock splits.

Bortezomib Induction Followed by ASCT in Patients with Multiple Myeloma: Achievement of Response After Induction and Achieving CR Post-ASCT Are Both Important Prognostic Markers

Blood ◽  
2011 ◽  
Vol 118 (21) ◽  
pp. 1866-1866
Author(s):  
Min Kyoung Kim ◽  
Chang-Ki Min ◽  
Myung Soo Hyun ◽  
Kihyun Kim ◽  
Sung-Soo Yoon ◽  
...  
Keyword(s):  
Multiple Myeloma ◽  
Maintenance Therapy ◽  
Conflicts Of Interest ◽  
Induction Treatment ◽  
Term Outcome ◽  
Long Term Outcome ◽  
Free Survival

Abstract Abstract 1866 Background: In multiple myeloma (MM), the association between the response to induction before autologous stem cell transplantation (ASCT) and long-term outcome is less clear but the situation may change with the introduction of novel agents. We therefore assessed the clinical relevance of response of bortezomib induction treatment or post-ASCT response for patients who received bortezomib-combined induction chemotherapy followed by ASCT. Methods: We retrospectively assessed 183 MM patients who received bortezomib-containing induction therapy (BTZ-IT) followed by ASCT in 24 institutions throughout Korea between 2003 and 2010. Records of these patients were reviewed using the Korean Myeloma Registry database (www.myeloma.or.kr). Each institution was requested to reconfirm the data using additional case report forms. Patients who had overt MM based on International Myeloma Working Group diagnostic criteria were selected. Results: One-hundred seventy eight patients were eligible. Their median age was 56 years (range, 28–69 years) and 96 (53.9%) were male. Forty nine (27.5%) received bortezomib as front-line therapy and 129 (72.5%) as second-line treatment. All patients underwent ASCT and 22 (12.4%) were treated with tandem ASCT. Ninety-seven (54.5%) patients were treated with maintenance therapy after ASCT. After BTZ-IT, the response rates in this selected series of patients were 37.6% CR, 12.4% VGPR, 41.0% PR, 7.3% SD and 1.7% PD (Figure 1A, 1B, 1C); the corresponding post-ASCT rates were 69.2% CR, 14.0% VGPR, 11.0% PR, 2.9% SD and 2.9% PD. At a median follow-up of 46.6 months, the 3-year overall survival (OS) and event-free survival (EFS) rates were 70.0% and 31.9%, respectively. Multivariate analysis showed that factors independently predictive of OS and EFS included achievement of BTZ-IT response °Ã PR (P=0.025 and P=0.014, respectively) and the treatment with maintenance therapy (P=0.048 and P=0.001, respectively). Post-ASCT CR vs. °Â VGPR was also an independent prognostic factor for OS and EFS (P=0.0001 and P=0.002, respectively). Conclusion: At least PR to BTZ-IT and CR after ASCT were predictive of survival. These findings suggest that patients who responded to BTZ-IT may benefit from ASCT due to an enhanced quality of response. Maintenance therapy can also affect patient outcomes. Disclosures: No relevant conflicts of interest to declare.

scholarly journals Comprehensive Approaches to Improving Nutrition: Future Prospects

Nutrients ◽  
2019 ◽  
Vol 11 (8) ◽  
pp. 1760 ◽  
Author(s):  
Syed M. Shahid ◽  
Karen S. Bishop
Keyword(s):  
Nutritional Status ◽  
Conflicts Of Interest ◽  
Poor Quality ◽  
Calorie Intake ◽  
Meaningful Change ◽  
Poor Nutritional Status ◽  
Prevalence Of Obesity ◽  
The Uk

When it comes to nutrition, nearly everyone has an opinion. In the past, nutrition was considered to be an individual’s responsibility, however, more recently governments have been expected (by some) to share that responsibility by helping to ensure that marketing is responsible, and that food chains offer healthy meal choices in addition to their standard fare, for example. In some countries, governments have gone as far as to remove tax from unprocessed foods or to introduce taxes, such as that imposed on sugary soft drinks in the UK, Mexico, France and Norway. Following on from the sugar tax, chocolate might be next! Is this the answer to our burgeoning calorie intake and increasing poor nutritional status, or is there another approach? In this narrative we will focus on some of the approaches taken by communities and governments to address excess calorie intake and improve nutritional status, as well as some of the conflicts of interest and challenges faced with implementation. It is clear that in order to achieve meaningful change in the quality of nutritional intake and to reduce the long-term prevalence of obesity, a comprehensive approach is required wherein governments and communities work in genuine partnership. To take no or little action will doom much of today’s youth to a poor quality of life in later years, and a shorter life expectancy than their grandparents.

Can FinTech competition improve sell-side research quality?

2021 ◽  
Author(s):  
Russell Jame ◽  
Stanimir Markov ◽  
Michael Wolfe
Keyword(s):  
Substantial Reduction ◽  
Earnings Forecasts ◽  
Bias Reduction ◽  
Research Quality ◽  
Open Platform ◽  
Economic Forces ◽  
The Individual ◽  
Consensus Bias ◽  
Financial Technology

We examine how increased competition stemming from an innovation in financial technology influences sell-side analyst research quality. We find that firms added to Estimize, an open platform that crowdsources short-term earnings forecasts, experience a pervasive and substantial reduction in consensus bias and a limited increase in consensus accuracy relative to matched control firms. Long-term forecasts and investment recommendations remain similarly biased, alleviating the concern that the documented reduction in bias is a response to broad economic forces. At the individual analyst level, we find that bias reduction is more pronounced among close-to-management analysts; and that more biased analysts respond by reducing their coverage of Estimize firms. The collective evidence suggests that competition from Estimize improves sell-side research quality by discouraging strategic bias.

Analysts' Conflicts of Interest and Biases in Earnings Forecasts

2007 ◽  
Vol 42 (4) ◽  
pp. 893-913 ◽  
Author(s):  
Louis K. C. Chan ◽  
Jason Karceski ◽  
Josef Lakonishok
Keyword(s):  
Conflicts Of Interest ◽  
Earnings Forecasts ◽  
Investment Banking ◽  
International Markets ◽  
Forecast Revisions ◽  
Bull Market ◽  
Earnings Surprises ◽  
Banking Business ◽  
Growth Stocks

AbstractAnalysts' earnings forecasts are influenced by their desire to win investment banking clients. We hypothesize that the equity bull market of the 1990s, along with the boom in investment banking business, exacerbated analysts' conflicts of interest and their incentives to strategically adjust forecasts to avoid earnings disappointments. We document shifts in the distribution of earnings surprises and related changes in the market's response to surprises and forecast revisions. The evidence for shifts is stronger for growth stocks, where conflicts of interest are more pronounced. However, shifts are less notable for analysts without ties to investment banking and in international markets.

scholarly journals Complete Remissions to PD-1 Blockade in Combination with Reduced-Dose ICE Chemotherapy in Two Cases of Relapsed or Refractory Classical Hodgkin Lymphoma with Bulky Lung Involvement after Failed PD-1 Blockade

Blood ◽  
2021 ◽  
Vol 138 (Supplement 1) ◽  
pp. 4368-4368
Author(s):  
Bing Xiu ◽  
Bing Li ◽  
Xinyu Zhu ◽  
Gangfeng Xiao ◽  
Xiu Luo ◽  
...  
Keyword(s):  
Hodgkin Lymphoma ◽  
Conflicts Of Interest ◽  
Lung Involvement ◽  
Classical Hodgkin Lymphoma ◽  
Hematopoietic Stem ◽  
Treatment Processes ◽  
Pet Ct ◽  
Alternative Regimen

Abstract Objective: To report 2 cases of relapsed or refractory classical Hodgkin lymphoma with bulky lung involvement who failed PD-1 blockade, obtained long-term complete remission after treatment with PD-1 blockade in combination with ICE chemotherapy, and provide an alternative regimen for this kind of patient. Methods: The clinical data of 2 patients suffering refractory or relapsed Hodgkin's lymphoma with bulky lung involvement who were resistant to PD-1 monoclonal antibody were collected, the treatment processes, efficacy and toxic side effects of the patients were summarized. Results: Both HL patients relapsed after multi-line chemotherapies and radiotherapy. One patient relapsed after autologous hematopoietic stem cell transplantation. The main manifestations were cough and dyspnea caused by large lung masses. Both patients received 3 kinds of PD-1 blockade. One progressed after stopping Nivolumab and enrolled the clinical trial of decitabine and Camrelizumab for 6 courses and got stable disease（SD）, then changed to Camrelizumab combined with ICE for 4 cycles and obtain complete metabolic remission（CMR）. The other patient progressed with Nivolumab or Camrelizumab combined with A (B) VD regimen, and 2 courses of BV. She was then treated with Sintilimab combined with ICE for 4 cycles and obtain CMR. Both patients' cough and dyspnea were significantly improved, and lung lesions were significantly reduced after receiving 1 cycle of PD-1 blockade with ICE regimen and the quality of life was greatly improved. After 4 courses of treatment, the PET/CT assessment achieved CMR. The main side effect was a second-degree bone marrow suppression and can be tolerable for the patient. Conclusion: PD-1 blockade combined with ICE regimen chemotherapy has significant curative effect and mild adverse reactions, can be used to treat cases of relapsed or refractory classic HL with bulky lung involvement resistant to PD-1 blockade. Figure 1 Figure 1. Disclosures No relevant conflicts of interest to declare.

Bibliographic measures of top-tier finance and information systems journals

2019 ◽  
Vol 12 (5) ◽  
pp. 841-855
Author(s):  
Thomas Krueger ◽  
Jack Shorter
Keyword(s):  
Information Systems ◽  
Quality Measures ◽  
Research Quality ◽  
Impact Factors ◽  
Content Type ◽  
Journal Quality ◽  
Specific Factors ◽  
Published Research

Purpose Pay, tenure and promotion decisions are frequently based upon inferences regarding the value of faculty research. Meanwhile, departmental, college and university reputations are frequently based on perceptions regarding the quality of research being produced by its faculty. Making correct inferences requires accurate measurement of research quality, which is often based upon the journal through which results are shared. This research expands upon the research found elsewhere through its detailed investigation of leading journals in two business disciplines, including examination of four different citation-based measures and four journal characteristics which are exogenous to the quality of any individual piece of research. The paper aims to discuss this issue. Design/methodology/approach This study assists in the development of an accurate perspective regarding research quality, by studying the popular Journal Citation Reports (JCR) impact factor. A further expansion on the past literature is consideration of three newer journal quality metrics: SCImago Journal Rank (SJR), Source Normalized Impact per Paper (SNIP) and percentage of articles cited. Top-tier journals in finance and information systems are compared to evaluate the consistency of these measures across disciplines. Differences in journal characteristics and their impact on citation-rate based measures of quality are also examined. The potential impact of discipline-based variation in acceptance rate, issue frequency, the time since journal inception and total reviewers are put forth as additional potential exogenous factors that may impact the perception of journal quality. t-Tests are employed for discipline comparisons, while correlation and multiple regression are used for journal characteristic analysis. Findings There is a significant difference in the JCR impact measures of high-quality finance journals vs high-quality information systems journals, which are correlated with a variety of journal-specific factors including the journal’s acceptance rate and frequency of issue. Information systems journals domination of finance journals persists whether one considers mean, median, minimum or maximum impact factors. SJR measures for finance journals are consistently higher than information systems journals, though the SJR value of any individual journal can be quite volatile. By comparison, the SNIP metric rates premier information systems journals higher. Over 12 percent more of the articles in leading information systems journals are cited during the initial three years. Research limitations/implications Logical extensions of this research include examining journals in other business disciplines. One could also evaluate quality measures reaction to variation in journal characteristics (i.e. changes in acceptance rates). Furthermore, one could include other measures of journal quality, including the recently released CiteScore metric. Such research will build on the present research and improve the accuracy of research quality assessment. Practical implications To the extent that citation-based research measures and journal-specific factors vary across disciplines as demonstrated by our investigation, discipline-specific traits should be considered adjusted for, when making inferences about the long-term value of recently published research. For instance, finance faculty publishing in journals with JCR readings of 2.0 are in journals that are 53 percent above the discipline’s average, while information systems faculty publishing in journals with JCR readings of 2.0 are in journals that are 18 percent below the discipline’s average. Furthermore, discipline-specific differences in journal characteristics, leading to differences in citation-based quality measures, should be considered when making inferences about the long-term value of recently published research in the process of making recommendations regarding salary adjustments, retention and promotion. Social implications Quantity and quality of research are two hallmarks of leading research institutions. Assessing research quality is very problematic because its definition has changed from being based on review process (i.e. blind refereed), to acceptance rates, to impact factors. Furthermore, the impact factor construct has been a lightning rod of controversy as researchers, administrators and journals themselves argue over which metric to employ. This research is attempting to assess how impact factors and journal characteristics may influence the impact factors, and how these interactions vary business discipline. The research is especially important and relevant to the authors which separately chair departments including finance and information systems faculty, and therefore are in roles requiring assessment of faculty research productivity including quality. Originality/value This study is a detailed analysis of bibliographic aspects of the top-tier journals in two quantitative business areas. In addition to the popular JCR, SJR and SNIP measures of performance, the analysis studies the seldom-examined percentage of the article cited metric. A deeper understanding of citation-based measures is obtained though the evaluation of changes in how journals have been rated on these metrics over time. The research shows that there are discipline-related systematic differences in both citation-based research measures and journal-specific factors and that these discipline-specific traits should be considered when making inferences about the long-term value of recently published research. Furthermore, discipline-specific difference in journal characteristics, leading to differences in citation-based quality measures, should be considered when making personnel and remuneration decisions.

scholarly journals Selected Aspects of Assessment/Improvement of Academic Research Quality, Also of Industrial Management

2016 ◽  
Vol 24 (37) ◽  
pp. 39-50
Author(s):  
Marek Jemala
Keyword(s):  
Research Question ◽  
Academic Research ◽  
Added Value ◽  
Research Quality ◽  
Statistical Research ◽  
Main Research ◽  
Industrial Management ◽  
Adequate Quality

Abstract In terms of publishing and commercialisation of academic research results, there may be more preferred qualitative research in the long term. But, not every research can be focused only on the quality of its outputs, but each output of the research, however, should have an adequate quality and added value. The main research question of this article may be determined as follows – How can the quality of academic research be better evaluated and thus improved, also in the area of Industrial management? It is not the intention of this article to perform statistical research in the field yet, but this study is based on empirical data and results.

scholarly journals Long-Term Stability of the Adult Sickle Cell Quality of Life Measure (ASCQ-Me)​

Blood ◽  
2018 ◽  
Vol 132 (Supplement 1) ◽  
pp. 3576-3576
Author(s):  
Keesha L. Roach ◽  
Yingwei Yao ◽  
Marie L. Suarez ◽  
Veronica Angulo ◽  
David Shuey ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Chronic Pain ◽  
Sickle Cell ◽  
Conflicts Of Interest ◽  
Life Measure ◽  
Term Stability ◽  
Long Term Stability ◽  
One Year

Abstract Aim: The Adult Sickle Cell Quality of life Measure (ASCQ-Me) is a relatively new tool with increasing frequency of use, but no published reports of its long-term stability. The aim of this study was to examine reliability of ASCQ-Me in a sample of adults with sickle cell disease (SCD). Evidence of reliability of this new tool is important for credible use in longitudinal studies of SCD, especially those with interventions intended to improve quality of life (QOL) for patients with SCD. Methods: In a comparative study, 141 adults with SCD (mean age 37±11 years [ranged from 19 to 74 years]; 100% African ancestry; 60% female; 74% SS, 20% SC and 6% Other) provided demographic information and completed the ASCQ-Me questionnaire twice, separated by 1 year so that data were collected in the same season. The 30-item ASCQ-Me has 6 subscales focused on: pain episodes (frequency and severity), pain impact, emotional impact, sleep impact, social functioning impact, and stiffness impact. Its scores range from (0 low QOL) to 100 (high QOL) and are normed at a mean of 50 and SD of 10. Because the scores are reversed for pain episodes (frequency, severity), higher scores indicate more suffering. Descriptive and bivariate statistical analysis were conducted using the R statistical software package. Results: Table 1 presents the complete findings for the ASCQ-Me subscale domains, mean (SD) scores at baseline and one-year, intra-class coefficients (ICC), and Cronbach's alphas at baseline and one-year. Generally in this sample, the subscale scores across time did not differ by more than 2.4 points (Table 1). The internal consistency alphas at baseline ranged from 0.64 to 0.93 and at one-year ranged from 0.62 to 0.93. The long-term stability (ICC) ranged from 0.43 to 0.64. Conclusions: Over a one-year time span, the stability of the ASCQ-Me subscale scores was fair to good, with pain severity being less stable as would be expected for a condition known for recurrent pain episodes as well as chronic pain. Mean scores in this sample are similar to published scores associated with moderate to high severity SCD. Several domains showed ICC of 0.53 and higher, suggesting adequate stability for use of ASCQ-Me as a treatment outcome measure. While worsening disease has been associated with an increased number of pain episodes, in this sample, over the one-year period, the quality of life remained relatively stable. ASCQ-Me may be used to help describe chronic pain phenotypes in patients with SCD and as a longitudinal measure of treatment outcomes. Disclosures No relevant conflicts of interest to declare.

Quality Assessment of the Treatment of Complicated Forms of Deciduous Teeth Caries in Children in Early and Long-Term

10.12737/5924 ◽  
2014 ◽  
Vol 21 (3) ◽  
pp. 152-157
Author(s):  
Сущенко ◽  
A. Sushchenko ◽  
Абросимова ◽  
O. Abrosimova ◽  
Вусатая ◽  
...  
Keyword(s):  
Root Resorption ◽  
Dental Health ◽  
Adult Population ◽  
Monitoring Program ◽  
Diagnostic Methods ◽  
Research Quality ◽  
Deciduous Teeth ◽  
Quality Of Treatment

Despite the high level of modern dentistry, caries and its complications are a leading place in the structure of dental pathology in children. Much of the scientific research of the last five years dedicated to errors in endodontic practice dentist therapist providing dental services to the adult population. However, the latest treatment technologies, used in adult dentistry, may not always apply in the child. The above confirms the need for further study of the treatment of complications of primary teeth caries in children, search for methods to improve its effectiveness. The groups of a clinical study consisted of children aged 4 to 9 years without severe somatic pathology, with temporary teeth at the stage of formation, formed of root resorption of the roots, which allowed to obtaining comparable results. After the necessary diagnostic methods, the treatment of chronic pulpitis was selected (K04.0, K04.3); the methods devital amputation, non-vital extirpation, removing vital were used. Biological method didn’t use. Chronic apical periodontitis (K04.5), treatment was to be temporary teeth in the absence of resorption of the roots (both physiological and pathological), and in the absence of evidence of exacerbation of the inflammatory process, assessed the degree of destruction of the temporary tooth crown (no more than 1/2). Treatment of periodontitis temporary teeth was performed in 2-3 visits. Control examination was conducted in the next (after 7 - 10 days) and long-term period (one year). Assessment of the quality of treatment in short-and long-term was carried out in the points. The results of the research quality of dental care in children allow to develop phased system of control with regard to ball assess the quality of treatment of complicated forms of dentition caries in children in the immediate and long terms. The obtained data will allow to developing a computer-based monitoring program for the state of dental health of children, and will allow the dentist to perform the correction of therapeutic and preventive measures at the individual level.

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