We examine the effect of MiFID II, which mandated the unbundling and separate pricing of analyst research in Europe beginning in 2018. We find that the requirements of MiFID II were associated with a reduction in analyst following for European firms relative to US firms, with decreases in coverage greatest for firms that were larger, older and less volatile, and had greater coverage and more accurate consensus forecasts. Remaining analysts follow fewer firms and issue fewer forecasts, consistent with increased focus, and appear to increase their efforts on the firms they continue to cover. In particular, forecasts become more accurate, are more likely to be disaggregated and include recommendations, and are accompanied by larger stock price reactions. Consistent with increased effort to curry favor with management, analysts issue more optimistic recommendations and beatable earnings forecasts. While individual forecasts are more informative, the overall information environment for the average firm tends to deteriorate, with less aggregate information conveyed by analyst forecasts, a greater proportion of information delayed to earnings announcements and higher average bid-ask spreads. Taken as a whole, results are consistent with a reduction in analyst following mitigated by an increase in focus and effort by remaining analysts, but with an overall negative effect on the information environment.

Purpose The purpose of this paper is to investigate the relation between corporate governance and corporate events’ performance. Firms that engage in corporate events seem to perform at least as bad as similar firms that did not. Based on agency theory, the authors hypothesize that lower corporate performance is associated to differences in governance levels. Design/methodology/approach Bessembinder and Zhang’s (2013) approach to evaluate the performance of corporate events has been expanded by considering unique corporate governance features from Brazilian stock market. Findings The results suggest that after controlling for governance levels, event rms and control rms have similar performance. A number of analyses were performed to rule out alternative explanations. Originality/value The results call attention for the role of agency costs in evaluating corporate events’ performance.

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A literatura de avaliação de desempenho de fornecedores aponta que a prévia identificação de contratos considerados insatisfatórios pode se revelar crucial para a manutenção de uma empresa, especialmente em setores com alto risco operacional, ambiental e com investimentos significativos, como é o caso do setor de exploração de petróleo e gás. Embora considerada importante, a rescisão contratual tem sido pouco estudada no segmento de petróleo brasileiro, em decorrência do baixo número de firmas que atuam no setor e da restrição de acessos às informações dessas empresas. O presente artigo tem como objetivo diminuir essa lacuna ao analisar quais critérios de avaliação de serviços mais influenciam as rescisões contratuais no setor brasileiro de exploração e produção de petróleo e gás. Para tanto, foram analisadas, via regressões logit, as avaliações dos contratos de serviços encerrados no período de 1/1/2006 a 31/12/2014 por uma unidade de negócio que atua na exploração e produção de petróleo e gás localizada no Brasil. No banco de dados resultante, constaram-se 273 contratos que contemplam todas as especialidades de serviços da atividade, com um total de 19.613 avaliações. Os resultados indicam que os critérios Prazo e Logística são os que apresentam maior influência nas rescisões contratuais das atividades do setor. Além disso, ao segregar-se as análises por especialidades, verificou-se que diferentes especialidades possuem demandas distintas e, por conseguinte, diferentes modelos contratuais. Tais resultados corroboram empiricamente as discussões teóricas presentes na literatura acerca da importância do cumprimento das obrigações contratuais, especialmente com relação aos prazos negociados.