Desai, PC Jain, H; Long-Run Stock Returns Following Briloff'S Analyses

Questions

1.  Who is Briloff and why is studying market effect of his reports  better than studying other analysts?  Do you agree with the authors assertions?

2.  Was there earlier studies on this topic?  What did they find and why is there a need for a new study (look at firms responses) ?

3.  How big is the sample and what time period did it come from? How big were the companies and why does size of the companies matter?

4. What is the bootstrap procedure that was used to compute the abnormal performance of the sample companies?  What is the p-value?

5. What was the prepublication performance of the sample companies?

6. What happened during the period of (short window) the publication of the article ?

7. What were the buy and hold returns over the long term?  What were the two comparisons made by the authors?

8. Why do the stocks keep falling after the article or was Briloff the cause of downward effect?

9. How does the Briloff effect compare with typical analyst sell recommendations ?

10. Was Briloff freeloading? Was he just following other analyst recommendations?  Did other analysts follow him?

11. What are the problems in measuring the operating performance of the sample firms?

12. What was the operating performance of the sample firms around Briloff's articles?

13. What is the Z-score and how did they move after Briloff's articles?

14. How does Briloff explain his ability to foresee coming decline in performance?

15.  Why do Briloff'S articles have more effect than a typical analyst report?