Matching Items (2)
Description
When managers provide earnings guidance, analysts normally respond within a short time frame with their own earnings forecasts. Within this setting, I investigate whether financial analysts use publicly available information to adjust for predictable error in management guidance and, if so, the explanation for such inefficiency. I provide evidence that analysts do not fully adjust for predictable guidance error when revising forecasts. The analyst inefficiency is attributed to analysts' attempts to advance relationship with the managers, analysts' compensation not tie to forecast accuracy, and their forecasting ability. Finally, the stock market acts as if it does not fully realize that analysts respond inefficiently to the guidance, introducing mispricing. This mispricing is not fully corrected upon earnings announcement.
ContributorsLin, Kuan-Chen (Author) / Mikhail, Michael (Thesis advisor) / Hillegeist, Stephen (Committee member) / Hugon, Jean (Committee member) / Arizona State University (Publisher)
Created2012
Description
The current American opioid crisis is seeing an exponential number of fatalities. The opioid epidemic is a problem with massive scope, and while no clear reason has been identified, many causal relationships have been linked to its genesis. This thesis examines the role of the pharmaceutical industry in perpetuating the abuse rates we see today. Topics of sociological norms and values, economic incentives that benefitted private business practices, and political-legal means of restitution and market completion are examined to make sense of specific mechanisms that the pharmaceutical industry took advantage of, and the future trajectory of what is to come from the industry as well. Combined with policies (or, lack thereof) that do not provide adequate checks against opioid marketing strategies and incentives, governmental interferences come too little, too late in attempting to solve the issue.
ContributorsHouang, Michael (Author) / Brian, Jennifer (Thesis director) / Silverman, Daniel (Committee member) / Department of Economics (Contributor) / School of Politics and Global Studies (Contributor) / W.P. Carey School of Business (Contributor) / Sanford School of Social and Family Dynamics (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05