Search results

This study aims to investigate the behavior of sell-side analysts covering firms that are about to experience breaks in strings of consecutive quarterly earnings increases.

The authors estimate the likelihood of analysts predicting a break by using logit regressions for nearly half a million earnings per share forecasts issued by individual analysts from 1992 to 2017.

The authors find that analysts can predict breaks in earnings strings by issuing less favorable earnings estimates ahead of a break announcement. The probability of detecting a break is higher for longer and more severe breaks, for more skillful analysts and for firms with richer information environments. The authors find that analysts’ warnings are heeded by investors and result in less severe reactions to break announcements.

Breaks in strings of earnings increases are situations in which information asymmetry exists and could be mitigated by information intermediaries such as sell-side analysts. Therefore, it is important to examine whether analysts have any informational advantages or disadvantages over insiders and institutional investors in the quarters prior to breaks in strings and whether they communicate such information to the market in a timely and accurate manner, thus reducing information asymmetry by “leveling the field” across the investment community.

The aim of this paper is to examine how informed traders, i.e. transient institutional investors that actively trade on information to maximize investment profits, use insider trading signals in addition to accounting numbers to mitigate future abnormal returns.

Using a sample of 44,843 firm‐quarters from 1988 to 2001 in the USA, the paper examines how informed investors use insider trading signals and the extent to which the use of these signals by informed investors impacts insiders' future abnormal returns from trading.

This study finds that the change in transient institutional ownership in the next‐quarter is positively associated with net insider trading in the current quarter, after controlling for accounting information (including total accruals, unexpected earnings, etc.). In addition, this study finds that insider profits decrease in transient institutional ownership, consistent with the notion that trading by informed investors limits insider profits.

The institutional ownership data are only available on a quarterly basis, which may not capture institutional investors' immediate response to insider trading signals.

This study provides systematic evidence on how informed traders use insider trading signals. This study adds to existing knowledge of the information environment of institutional investors by showing that transient institutional investors use insider trading signals in addition to accounting information in making investment decisions. Moreover, this study contributes to the literature on the determinants of insider profits by providing evidence that informed trading by investors has incremental power to explain insider profits.

Purpose – This reflexive account of bilingual research on rural household energy consumption within the researcher’s home community problematises her position as an insider researching ‘at home’. The chapter introduces the idea of the ‘transient insider’ as a way of better explaining her position, before going on to consider the ways in which fieldwork becomes bound up with emotionally and intellectually taxing professional and personal dilemmas.

Methodology/Approach – The study involved conducting repeat in-depth interviews with 11 households (25 individuals) – both together and apart – in rural north-west Wales.

Findings – The chapter illustrates the importance of paying heed to one’s own emotions during the research process – particularly those that may be uncomfortable – as a means of better understanding our own positionality as researchers and its role in the co-creation of interview data.

Originality/Value – The chapter builds on earlier work that has engaged with the role of emotion and subjectivity in shaping the research process and extends these discussions by examining the complexities involved in holding the position of the ‘transient insider’.

This chapter reflects on the process of conducting qualitative research as an indigenous researcher, drawing from two studies based in south Wales (the United Kingdom). The chapter not only explores the advantages of similarity in relation to trust, access, gender and understandings of locality, but it also complicates this position by examining the problem of familiarity.

The studies, one doctoral research and one an undergraduate dissertation project, both took a qualitative approach and introduced visual methods of data production including collages, maps, photographs and timelines. These activities were followed by individual elicitation interviews.

The chapter argues that the insider outsider binary is unable capture the complexity of research relationships; however, these distinctions remain central in challenging the researcher’s preconceptions and the propensity for their research to be clouded by their subjective assumptions of class, gender, locality and community.

The chapter presents strategies to fight familiarity in fieldwork and considers the ethical issues that arise when research is conducted from the competing perspectives of both insider and academic. The authors focus on uncertainties and reservations in the fieldwork process and move beyond notions of fighting familiarity to consider the unforeseen circumstances of acquaintance and novel positionings within established social networks.

Purpose – This chapter reflects on the importance of being reflexive as a socio-legal researcher whilst seeking to address the practicalities, challenges and methods of being reflexive during the research process. The chapter demonstrates ‘doing it’ by reporting on the use of an internal dialogue of the researcher’s feelings and choices during research encounters to reflect on the status of insider knowledge in the interview process. It also charts the unexpected emotional reactions of participants, and in doing so, highlights the challenges of reflection in and on everyday practice as a physiotherapist.

Methodology/Approach – The research reported here was an empirical ethics study using in-depth interviews and the voice-centred relational method as practical means of doing and being reflexive.

Findings – The chapter sheds light on the role of emotion in the research process, the author’s emotional position as researcher and the unexpected emotional reactions of participants.

Originality/Value – The chapter presents a practical method of reflexivity in qualitative research and considers the personal and ethical issues that arise during the research process from the competing perspectives of both insider and researcher. The key lesson learnt is the importance of reflecting on ethically important, and at times uncomfortable, moments in the research process so that other researchers can learn about the ‘how to’ of reflexivity and reflexive writing.

Purpose – This chapter reflects on selected issues raised by the emotions involved in the social relations of qualitative research. We use experiences from two separate studies to explore the role of emotion and affect in the embodied, face-to-face encounter of the interview; the ‘translation’ of interpretations of emotional responses from one cultural context into another; the reflexivity of the researcher and the researched and the ethical implications of this form of research.

Methodology – The studies, one doctoral research and one funded by a Leverhulme grant, took a qualitative approach, employing individual semi-structured interviews with young people in Zambia and women in their fifties in Swindon, UK.

Findings – The chapter argues that emotions within the interview are bound up with the potential meanings and outcomes of the interview to both the researcher and the interviewee. Emotions affect what is said and unsaid in the interview; what is communicated and hidden and how the material is interpreted.

Originality/Value – The chapter brings together experiences from conducting highly emotive research in majority and minority world contexts. It focuses on similarities in the dilemmas posed to researchers by the emotions involved in the social relations of research, regardless of location.

Purpose – This chapter explores the relational and emotional lifeworlds of qualitative interviews. The chapter documents the ways in which I have negotiated the sharing of traumatic accounts without being able to fix or repair their causes, and how I struggled to listen to recollections without trying to appropriate, accentuate or ameliorate their affective resonances.

Methodology/Approach – The chapter focuses on one case from a four-year study with mothers and their daughters in a marginalised area of South Wales, UK. The study drew on visual and creative methods of data production, including mapping, collage, photoelicitation and timelines, which were accompanied by in-depth elicitation interviews.

Findings – The chapter illustrates the usefulness of reflecting on emotions to understand the communication of trauma, and its emotional impacts on research relationships both within and beyond the field.

Originality/Value – The chapter builds on earlier work that has attempted to consider in detail the nature of the interaction between researchers and participants. It argues that psychoanalytically informed frames of analysis can engender a more nuanced understanding of the relationality and emotionality of qualitative research; particularly when topics are hard to speak of and hard to bear.

Purpose – This chapter explores the strategies and tactics employed by researchers when dealing with emotionally challenging situations, both in the field and in academia in general.

Methodology/Approach – It draws on a qualitative longitudinal project investigating how recent Polish migrants from cities that are rather homogenous in terms of ethnicity and religion make sense of, and come to terms with, the much greater diversity they encounter in German and British cities. The project adopts a mixed-methods approach that includes social network analysis, focus groups, creative methods and in-depth interviews.

Findings – Moving beyond the inside–outsider binary in qualitative research, the authors reflect on their management of conflicting feelings about what happens in research situations. The authors discuss interview situations they found particularly emotionally challenging and the different ways they supported each other during and after fieldwork, for instance, when faced with situations in which research participants say things that are racist, Islamophobic, homophobic, xenophobic, classist or misogynist. They reflect on their use of electronic media, especially email and messenger applications, as tools which not only allow them to unpack the emotions that emerge in fieldwork, but also enable them to collaboratively reflect on their own positionalities in the field.

Originality/Value – The chapter argues that face-to-face and virtual interactions with colleagues can create spaces of care, self-care and solidarity. These relational spaces can form integral support systems for researchers and help them to deal with both the emotionality of social-science research and the wider emotional labour of academic work.