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CATEGORIES:Charlton College of Business
DESCRIPTION:The Department of Accounting & Finance announces the following
research seminar. Speaker: Professor of Accounting Mark Bradshaw (Boston C
ollege) Title: Unlocking Analysts’ Risk Insights Date: Friday, April 10,
2026 Time: 9:30 -10:45 AM Location: via Zoom Meeting Meeting ID: 438 755
1509 Abstract: We apply textual analysis to a large sample of analyst repo
rts on U.S. firms to investigate the determinants, relevance and informati
veness of analysts’ risk discussions. We find that these discussions are
driven predominantly by analyst fixed effects, followed by firm fixed eff
ects. Consistent with informativeness of analysts’ risk discussions, we
find they are positively related to future stock return volatility and imp
lied cost of capital for the underlying firms and negatively related to ea
rnings forecast accuracy. Additionally, risk discussions relate negatively
to future stock returns and positively to credit rating changes, consiste
nt with informativeness to both equity and bond markets. Cross-sectional a
nalysis shows that the above effects are more pronounced for firms with we
aker information environments. Taken together, analysts’ qualitative ris
k commentary offers incremental insights into a firm’s risk exposure and
enhances the predictive value of analyst research to capital markets. For
additional information, please contact Prof. Hongkang Xu at hxu5@umassd.e
du.\nEvent page: /events/cms/accounting-and-finance-
department-research-seminar.php
X-ALT-DESC;FMTTYPE=text/html:The Department of Accounting &
Finance announces the following research seminar.
\nSpeaker: Profess
or of Accounting Mark Bradshaw (Boston College)
\nTitle: Unlocking A
nalysts’ Risk Insights
\nDate: Friday\, April 10\, 2026
\nTi
me: 9:30 -10:45 AM
\nLocation: via Zoom Meeting
\nMeeting ID:
438 755 1509
\nAbstract: We apply textual analysis to a large sample
of analyst reports on U.S. firms to investigate the determinants\, releva
nce and informativeness of analysts’ risk discussions. We find that thes
e discussions are driven predominantly by analyst fixed effects\, followed
by firm fixed effects. Consistent with informativeness of analysts’ ris
k discussions\, we find they are positively related to future stock return
volatility and implied cost of capital for the underlying firms and negat
ively related to earnings forecast accuracy. Additionally\, risk discussio
ns relate negatively to future stock returns and positively to credit rati
ng changes\, consistent with informativeness to both equity and bond marke
ts. Cross-sectional analysis shows that the above effects are more pronoun
ced for firms with weaker information environments. Taken together\, analy
sts’ qualitative risk commentary offers incremental insights into a firm
’s risk exposure and enhances the predictive value of analyst research t
o capital markets.
\nFor additional information\, please contact Pro
f. Hongkang Xu at
DTSTAMP:20260404T180548
DTSTART;TZID=America/New_York:20260410T093000
DTEND;TZID=America/New_York:20260410T104500
LOCATION:Zoom
SUMMARY;LANGUAGE=en-us:Accounting and Finance Department Research Seminar
UID:94b0d1ea0249895e0cd224ab18d42218@www.umassd.edu
END:VEVENT
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