...Paulo Morais Francisco Purpose This study examines whether two observable information-environment attributes – firm age and analyst coverage – help explain cross-sectional differences in systematic risk, and whether these associations differ across up- and down-market states. Design/methodology...

...Christopher von Koch; Magnus Willesson Purpose The purpose of this paper is to review the literature that measures the concept of firms' information environment (IE) with focus on the validity of proxies used to measure IE. Design/methodology/approach The paper reviews the IE literature using...

... and year fixed effects for analyses. Findings The study finds that there is a positive association between analysts’ optimism and stock crash risk. Such a positive impact is more pronounced for firms with opaque information environment and for analysts who are considered ex ante credible...