Economic policy uncertainty and analyst behaviours: Evidence from the United Kingdom

Ahn, 2014, Estimating ambiguity aversion in a portfolio choice experiment, Quantitative Economics, 5, 195, 10.3982/QE243 Amiram, 2018, How are analysts’ forecasts affected by high uncertainty?, Journal of Business Finance & Accounting, 45, 295, 10.1111/jbfa.12270 Baik, 2020, Managerial ability and income smoothing, The Accounting Review, 95, 1, 10.2308/accr-52600 Baker, 2016, Measuring economic policy uncertainty, The Quarterly Journal of Economics, 131, 1593, 10.1093/qje/qjw024 Baloria, 2017 Barniv, 2010, International evidence on analyst stock recommendations, valuations, and returns, Contemporary Accounting Research, 27, 1131, 10.1111/j.1911-3846.2010.01036.x Barniv, 2009, Do analysts practice what they preach and should investors listen? Effects of recent regulations, The Accounting Review, 84, 1015, 10.2308/accr.2009.84.4.1015 Barniv, 2009, Does information uncertainty affect investors’ responses to analysts’ forecast revisions? An investigation of accounting restatements, Journal of Accounting and Public Policy, 28, 328, 10.1016/j.jaccpubpol.2009.06.003 Barsky, 2004, Oil and the macroeconomy since the 1970s, Journal of Economic Perspectives, 18, 115, 10.1257/0895330042632708 Barth, 2001, Analyst coverage and intangible assets, Journal of Accounting Research, 39, 1, 10.1111/1475-679X.00001 Bonaime, 2018, Does policy uncertainty affect mergers and acquisitions?, Journal of Financial Economics, 129, 531, 10.1016/j.jfineco.2018.05.007 Bontempi, 2019 Bossaerts, 2010, Ambiguity in asset markets: Theory and experiment, The Review of Financial Studies, 23, 1325, 10.1093/rfs/hhp106 Boutchkova, 2012, Precarious politics and return volatility, The Review of Financial Studies, 25, 1111, 10.1093/rfs/hhr100 Bradley, 2017, Are all analysts created equal? Industry expertise and monitoring effectiveness of financial analysts, Journal of Accounting and Economics, 63, 179, 10.1016/j.jacceco.2017.01.003 Bradshaw, 2004, How do analysts use their earnings forecasts in generating stock recommendations?, The Accounting Review, 79, 25, 10.2308/accr.2004.79.1.25 Brogaard, 2020, Global political uncertainty and asset prices, The Review of Financial Studies, 33, 1737, 10.1093/rfs/hhz087 Brogaard, 2015, The asset-pricing implications of government economic policy uncertainty, Management Science, 61, 3, 10.1287/mnsc.2014.2044 Brown, 2015, Inside the “black box” of sell-side financial analysts, Journal of Accounting Research, 53, 1, 10.1111/1475-679X.12067 Bushee, 2012, Investor relations, firm visibility, and investor following, The Accounting Review, 87, 867, 10.2308/accr-10211 Caldara Carney Chang, 1981, An international comparison of investor uses of financial statements, The International Journal of Accounting, 17, 43 Chen, 2009, NASD Rule 2711 and changes in analysts’ independence in making stock recommendations, The Accounting Review, 84, 1041, 10.2308/accr.2009.84.4.1041 Cho, 1994, Properties of market expectations of accounting earnings by financial analysts: UK versus US, Accounting and Business Research, 24, 230, 10.1080/00014788.1994.9729481 Clement, 2005, Financial analyst characteristics and herding behavior in forecasting, The Journal of Finance, 60, 307, 10.1111/j.1540-6261.2005.00731.x Çolak, 2017, Political uncertainty and IPO activity: Evidence from US gubernatorial elections, Journal of Financial and Quantitative Analysis, 52, 2523, 10.1017/S0022109017000862 Collins, 1993, Management discussion and analysis: an evaluation of practice in UK and US companies, Accounting and Business Research, 23, 123, 10.1080/00014788.1993.9729870 Easley, 2004, Information and the cost of capital, The Journal of Finance, 59, 1553, 10.1111/j.1540-6261.2004.00672.x Ertimur, 2007, Measure for measure: The relation between forecast accuracy and recommendation profitability of analysts, Journal of Accounting Research, 45, 567, 10.1111/j.1475-679X.2007.00244.x Franke, 2011, What comes next after recession?–Airline industry scenarios and potential end games, Journal of Air Transport Management, 17, 19, 10.1016/j.jairtraman.2010.10.005 Gulen, 2016, Policy uncertainty and corporate investment, The Review of Financial Studies, 29, 523 Hamilton, 1983, Oil and the macroeconomy since World War II, Journal of Political Economy, 91, 228, 10.1086/261140 Henderson, 2012, Measuring economic growth from outer space, American Economic Review, 102, 994, 10.1257/aer.102.2.994 Hope, 2005, The association between macroeconomic uncertainty and analysts’ forecast accuracy, Journal of International Accounting Research, 4, 23, 10.2308/jiar.2005.4.1.23 Howe, 2009, The predictive content of aggregate analyst recommendations, Journal of Accounting Research, 47, 799, 10.1111/j.1475-679X.2009.00337.x Hugon, 2016, Analysts, macroeconomic news, and the benefit of active in-house economists, The Accounting Review, 91, 513, 10.2308/accr-51151 Irvine, 2004, Analysts’ forecasts and brokerage-firm trading, The Accounting Review, 79, 125, 10.2308/accr.2004.79.1.125 Jacob, 1997, Discussion of do security analysts improve their performance with experience?, Journal of Accounting Research, 35, 159, 10.2307/2491459 Jegadeesh, 2010, Do analysts herd? An analysis of recommendations and market reactions, The Review of Financial Studies, 23, 901, 10.1093/rfs/hhp093 Jens, 2017, Political uncertainty and investment: Causal evidence from US gubernatorial elections, Journal of Financial Economics, 124, 563, 10.1016/j.jfineco.2016.01.034 Julio, 2012, Political uncertainty and corporate investment cycles, The Journal of Finance, 67, 45, 10.1111/j.1540-6261.2011.01707.x Kadan, 2012, Analysts’ industry expertise, Journal of Accounting and Economics, 54, 95, 10.1016/j.jacceco.2012.05.002 Kirk, 2011, Research for sale: Determinants and consequences of paid-for analyst research, Journal of Financial Economics, 100, 182, 10.1016/j.jfineco.2010.11.002 Kneller, 2001, Business cycle volatility, uncertainty and long-run growth, The Manchester School, 69, 534, 10.1111/1467-9957.00268 La Porta, 2008, The economic consequences of legal origins, Journal of Economic Literature, 46, 285, 10.1257/jel.46.2.285 Lamont, 2002, Macroeconomic forecasts and microeconomic forecasters, Journal of Economic Behavior & Organization, 48, 265, 10.1016/S0167-2681(01)00219-0 Lemmon, 2006, Consumer confidence and asset prices: Some empirical evidence, The Review of Financial Studies, 19, 1499, 10.1093/rfs/hhj038 Lin, 2018, The impact of aggregate uncertainty on herding in analysts’ stock recommendations, International Review of Financial Analysis, 57, 90, 10.1016/j.irfa.2018.02.006 McCulla, 2007 Pearce, 2012, The state of air transport markets and the airline industry after the great recession, Journal of Air Transport Management, 21, 3, 10.1016/j.jairtraman.2011.12.011 Rapach, 2013, International stock return predictability: What is the role of the United States?, The Journal of Finance, 68, 1633, 10.1111/jofi.12041 Scharfstein, 1990, Herd behavior and investment, The American Economic Review, 465 Schmeling, 2009, Investor sentiment and stock returns: Some international evidence, Journal of Empirical Finance, 16, 394, 10.1016/j.jempfin.2009.01.002 Soltes, 2014, Private interaction between firm management and sell-side analysts, Journal of Accounting Research, 52, 245, 10.1111/1475-679X.12037 Stulz, 2003, Culture, openness, and finance, Journal of Financial Economics, 70, 313, 10.1016/S0304-405X(03)00173-9 Trueman, 1994, Analyst forecasts and herding behavior, The Review of Financial Studies, 7, 97, 10.1093/rfs/7.1.97 Walther, 2013, Do investor expectations affect sell-side analysts’ forecast bias and forecast accuracy?, Review of Accounting Studies, 18, 207, 10.1007/s11142-012-9204-9 Westphal, 2008, Sociopolitical dynamics in relations between top managers and security analysts: Favor rendering, reciprocity, and analyst stock recommendations, Academy of Management Journal, 51, 873, 10.5465/amj.2008.34789647