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A Smoke Screen Theory of Financial Intermediation |
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A Smoke Screen Theory of Financial Intermediation |
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A Smoke Screen Theory of Financial Intermediation |
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A Smoke Screen Theory of Financial Intermediation |
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A Smoke Screen Theory of Financial Intermediation |
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A smoke screen theory of financial intermediation |
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Accounting Transparency and the Cost of Capital |
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Accounting Transparency and the Cost of Capital |
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Accounting Transparency and the Cost of Capital |
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Accounting Transparency and the Cost of Capital |
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Accounting Transparency and the Cost of Capital |
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Accounting Transparency and the Cost of Capital |
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Certification bancaire dans une économie schumpétérienne |
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Certification bancaire dans une économie schumpétérienne |
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Currency Union with and without Banking Union |
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Currency Union with and without Banking Union |
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Currency union with or without banking union |
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Does soft information matter for financial analysts' forecasts? A gravity model approach |
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Does the "New Economy" change the frontiers of the large corporation? |
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Does the firm-analyst relationship matter in explaining analysts' earnings forecast errors? |
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Does the firm-analyst relationship matter in explaining analysts' earnings forecast errors? |
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Does the “New Economy” Change the Frontiers of the Large Corporation? |
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Economie et démographie mondiales au XXIe siècle: le nombre et le savoir |
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Endogenous Derivative Networks |
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Financial Intermediation and the incentives to produce information |
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Financial Intermediation and the incentives to produce information |
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Financial Intermediation and the incentives to produce information |
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Financial System and Modes of Corporate Control |
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Financial systems, corporate control, and capital accumulation |
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INGENUE, A MULTI-REGIONAL OVERLAPPING GENERATIONS MODEL |
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INGENUE: une modélisation intergénérationnelle et universelle |
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Inside Money, Debts, and the Mechanic of Exchange |
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Inside Money, Debts, and the Mechanics of Exchange? |
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Inside Money, Debts, and the Mechanics of Exchange? |
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Intermédiation et segmentation des marchés |
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Intermédiation, diversification et dissimulation d'information |
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Intermédiation, diversification et dissimulation d'information |
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Intermédiation; diversification et dissimulation d'information |
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La relation firme-analyste explique-t-elle les erreurs de prévision des analystes ? |
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Les intermédiaires sont-ils solubles dans le search? |
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Liquidity, Collateral Quality, and Negative Interest Rate |
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Middlemen as a Separating Device |
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Middlemen as a Separating Device |
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Middlemen as a separating device |
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Monetary Union with A Single Currency and Imperfect Credit Market Integration |
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Monetary Union, Banks and Financial Integration |
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Monitoring and the Acceptability of Bank Money |
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Monitoring and the Acceptability of Bank Money |
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Monitoring and the Acceptability of Bank Money |
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Monitoring and the Acceptability of Bank Money |
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Monitoring and the Acceptability of Bank Money |
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Monitoring and the Acceptability of Bank Money |
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Monitoring and the Acceptability of Bank Money |
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Monitoring and the Acceptabilité of Bank Money |
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Nature et origine de la monnaie. Réflexions à partir des modèles récents |
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Nature et origine de la monnaie: Reflexions à partir des modèles récents |
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Nature et origine de la monnaie: Reflexions à partir des modèles récents |
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Note sur l'origine de la monnaie dans les modèles de prospection monétaire |
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Note sur l'origine de la monnaie dans les modèles de search |
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Robust and Non-Robust Equilibria in a Strategic Market Game |
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Robustness of Equilibrium Price Dispersion in Finite Market Games |
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Robustness of equilibrium price dispersion in finite market games |
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Robustness of equilibrium price dispersion in finite market games |
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Robustness of equilibrium price dispersion in finite market games |
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Robustness of equilibrium price dispersion in finite market games |
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Robustness of equilibrium price dispersion in finite market games |
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Securitization and the Intensity of Competition |
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Securitization, Competition and Monitoring |
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Securitization, competition and efficiency |
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Securitization, competition and monitoring |
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Systèmes financiers, contrôle des entreprises et accumulation du capital |
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Titrisation, concurrence et rente bancaire |
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Vieillissement démographique et transferts internationaux d'épargne |
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Voluntary Recoinage, the Quality of Coins and the Debasement Puzzle |
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We study whether financial analysts' concern for preserving good relationships with firms' managers motivates them to issue pessimistic or optimistic forecasts. Based on a dataset of one-yearahead EPS forecasts issued by 4 648 analysts concerning 241 French firms (1997-2007), we regress the analysts' forecast accuracy on its unintentional determinants. We then decompose the fixed effect of the regression and we use the firm-analyst pair effect as a measure of the intensity of the firm-analyst relationship. We find that a low (high) firm-analyst pair effect is associated with a low (high) forecast error. This observation suggests that pessimism and optimism result from the analysts' concern for cultivating their relationship with the firm's management |
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Total Working Papers |
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5 |
663 |
12 |
26 |
93 |
4,026 |