14,761 research outputs found
Affiliated mutual funds and analyst optimism
No full textPrior studies have shown that investment banking affiliations place pressure on analysts to produce optimistic recommendations on the investment bank’s stock-clients. Our analysis of a large sample of recommendations issued from 1995 through 2003 indicates that a mutual fund affiliation also affects analysts’ research. That is, analysts are likely to look favorably at stocks held by the affiliated mutual funds. Controlling for a variety of factors including the investment banking affiliation, we find that the greater the portfolio weight of a stock for the affiliated mutual funds, the more optimistic the analyst rating becomes when compared to the consensus. Reputation partly restrains the optimism of analyst recommendations. In fact, the presence of other institutional investors as shareholders of the recommended stocks curbs analyst optimism. Nevertheless, from 1999 through 2001, star analysts report the most optimism when they recommend stocks in the portfolios of affiliated mutual funds.Mutual funds ; Investment banking
Data: ESRI Business Analyst Census Data Variables
No full textList of 1,500+ variables in the Business Analyst census laye
Data: ESRI Business Analyst Census Data Variables
No full textList of 1,500+ variables in the Business Analyst census laye
The Impact of Voluntary Disclosures on Sell-Side Analyst Stock Recommendations: Australian Experience
No full textThis paper investigates the impact of voluntary disclosures on sell-side analyst stock recommendations. It uses content analysis method to measure quality of information disclosures and emphasis on particular themes. The focus of this study is on changes in analyst recommendations and the new information disclosures that have been made public since the previous revision of recommendation. The proxies for voluntary disclosures are information released by firms via company announcements and associated media reports. The characteristics of these disclosures are examined to explore their impact on the changes in analystsÌ stock recommendations. Based on a sample of over 200 recommendation revisions of 40 listed Australian companies, the results suggest that voluntary disclosures do contribute to analyst stock revisions. The findings reveal that the quantity of disclosures is positively associated with the number of recommendation revisions, and that disclosures with favourable signals or with price-sensitive contents are significantly related to the direction and type of analyst revisions. In addition, disclosure of specific themes (e.g., dividend and product) in company announcements and news are significantly associated with the recommendation change. This has implications for both the formulation of accounting policies and the regulation of financial disclosure. Acknowledgements: The authors acknowledge the support of Thomson Financial in the conduct of this research through their provision of data from the Institutional Brokers Estimate System (I/B/E/S) service. This data has been provided as part of a broad academic program to encourage earnings expectation research. The authors acknowledge the helpful comments from participants at the BAA Annual Conference (2004), University of York.Thai takeovers, bidding firms, control portfolios, bootstrapped t-tests
Information Content of Equity Analyst Reports
No full textThis paper investigates the market reaction to the information released in security analyst reports. It shows that the market reacts significantly and positively to changes in recommendation levels, earnings forecasts, and price targets. While changes in price targets and earnings forecasts both provide information to the market, revisions in price targets have a larger and more significant impact than comparable revisions in earnings forecasts. The text of the report is also a significant source of information as it provides the justifications supporting an analyst's summary opinion. When all of this information is considered simultaneously, some of it, notably the earnings forecasts, is subsumed. The results further show that analysts correctly predict price targets slightly over 50% of the time. Finally, the valuation methodology used does not seem to be correlated with either the market's reaction or the analyst's accuracy.
Rapid screening for synthetic antidiabetic drug adulteration in herbal dietary supplements using direct analysis in real time mass spectrometry
No full textAdulteration of herbal supplements with synthetic drugs is illegal. A rapid and reliable method which utilizes direct analysis in real time mass spectrometry (DART-MS) was developed for the identification of seven synthetic antidiabetic drugs used as adulterants in herbal dietary supplements. The supplement sample was simply extracted with methanol/water by manually shaking several times and directly analyzed using DART-MS. The presence of synthetic drug adulterants was confirmed through the accurate m/z values and MS/MS data obtained via quadruple time of flight mass spectrometry (QTOF MS). Parameters for the DART source were systematically optimized, and the limits of detection (LODs) in herbal supplement matrices were measured. This method was successfully applied to examine five commercial herbal dietary supplements, and two of them proved to be adulterated with metformin without labeling
A dielectric barrier discharge ionization based interface for online coupling surface plasmon resonance with mass spectrometry
No full textThe online combination of surface plasmon resonance (SPR) with mass spectrometry (MS) could be beneficial for accurately acquiring molecular interaction data simultaneously with their structural information at high throughputs. In this work, a novel SPR-MS interface was developed using a dielectric barrier discharge ionization (DBDI) source. The DBDI source was placed in front of the MS inlet, generating an ionization plasma jet. A spray tip was set between the DBDI source outlet and the MS inlet, nebulizing the SPR sample solution. Using this interface, samples could first be studied by SPR, then sprayed and ionized, finally analyzed by MS. By analyzing model samples containing small-molecule drugs dissolved in salt containing solutions, the practicability of this SPR-DBDI-MS interface was proved, observing the consistent change of SPR and MS signals. Compared with our previously developed direct analysis in real time (DART) based SPR-MS interface, this new interface exhibited a higher and better tolerance to non-volatile salts, and different ionization capabilities for various samples. These results indicated that the interface could find further utilization in SPR-MS studies especially when physiological conditions were needed.National Instrumentation Program of China from the Chinese Ministry of Science and Technology [2012YQ090194-9]; National Natural Science Foundation of China [21275012]SCI(E)[email protected]; [email protected]
Analytical methods based on the light-scattering of plasmonic nanoparticles at the single particle level with dark-field microscopy imaging
No full textThis minireview summarizes analytical methods based on the light-scattering of plasmonic nanoparticles, primarily gold nanoparticles (AuNPs), at the single particle level from recent year publications. Examples are presented to illustrate simple and highly sensitive approaches based on AuNP localized surface plasmon resonance light-scattering with the dark-field microscopy imaging technology.National Natural Science Foundation of China [21475004, 21275011, 21535006]SCI(E)REVIEW2248-25614
Oligonucleotide-functionalized gold nanoparticles-enhanced QCM-D sensor for mercury(II) ions with high sensitivity and tunable dynamic range
No full textA quartz crystal microbalance with dissipation monitoring (QCM-D) sensor was developed for highly sensitive and specific detection of mercury(II) ions (Hg2+) with a tunable dynamic range, using oligonucleotide-functionalized gold nanoparticles (GNPs) for both frequency and dissipation amplification. The fabrication of the sensor employed a 'sandwich-type' strategy, and formation of T-Hg2+-T structures in linker DNA reduced the hybridization of the GNPs-tagged DNA on the gold electrode, which could be used as the molecular switch for Hg2+ sensing. This QCM-D mercury sensor showed a linear response of 10-200 nM, with detection limits of 4 nM and 7 nM for frequency and dissipation measurements, respectively. Moreover, the dynamic range of the sensor could be tuned by simply altering the concentration of linker DNA without designing new sensors in the cases where detection of Hg2+ at different levels is required. This sensor afforded excellent selectivity toward Hg2+ compared with other potential coexisting metal ions. The feasibility of the sensor was demonstrated by analyzing Hg2+-spiked tap- and lake-water samples with satisfactory recoveries. The proposed approach extended the application of the QCM-D system in metal ions sensing, and could be adopted for the detection of other analytes when complemented with the use of functional DNA structures
Hybridization chain reaction-based fluorescence immunoassay using DNA intercalating dye for signal readout
No full textA novel format of fluorescence immunosorbent assay based on the hybridization chain reaction (HCR) using a DNA intercalating dye for signal readout was constructed for the sensitive detection of targets, both in competitive and sandwich modes. In this platform, the capture and recognition processes are based on immunoreactions and the signal amplification depends on the enzyme-free, isothermal HCR-induced labelling event. After a competitive or a sandwich immunoreaction, a biotinylated capture DNA was bound to a biotinylated signal antibody through avidin, and triggered the HCR by two specific hairpins into a nicked double helix. Gene Finder (GF), a fluorescent probe for double-strand DNA, was intercalated in situ into the amplified chain to produce the fluorescence signal. The limit of detection (LOD) for rabbit IgG in competitive mode by HCR/GF immunoassay was improved at least 100-fold compared with the traditional fluorescence immunoassay using the fluorescein isothiocyanate-labelledstreptavidin or fluorescein isothiocyanate-labelled second antibody as the signal readout. The proposed fluorescence immunoassay was also demonstrated by using alpha-fetoprotein as the model target in sandwich mode, and showed a wide linear range from 28 ng mL(-1) to 20 mu g mL(-1) with a LOD of 6.0 ng mL(-1). This method also showed satisfactory analysis in spiked human serum, which suggested that it might have great potential for versatile applications in life science and point-of-care diagnostics.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000337125600025&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=8e1609b174ce4e31116a60747a720701Chemistry, AnalyticalSCI(E)[email protected]; [email protected]
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