This study examines analyst information intermediary roles using a textual analysis of
analyst reports and corporate disclosures. We employ a topic modeling methodology from …

Using hand‐collected biographical information on financial analysts from 1983 to 2011, we
find that analysts making forecasts on firms in industries related to their preanalyst …

Analysts strategically allocate more effort to portfolio firms that are relatively more important
to their careers. Thus, the other firms the analysts cover indirectly affect a firm's information …

Using an extensive database of 356,463 sell‐side equity analysts' reports from 2002 to
2009, this study is one of the first to analyze the readability of analysts' reports. We first …

We use proprietary data from a major investment bank to investigate factors associated with
analysts' annual compensation. We find compensation to be positively related to “All‐Star” …

We survey 344 buy-side analysts from 181 investment firms and conduct 16 detailed follow-
up interviews to gain insights into the activities of buy-side analysts, including the …

We examine whether the quality differentials in earnings forecasts between reputable and
nonreputable analysts vary with the severity of conflicts of interest. We measure personal …

We examine the determinants and consequences of broker-hosted investor conferences.
We find the number of brokers hosting a firm at conferences is positively related to …

We examine how hometown, school, and workplace ties between financial analysts and
mutual fund managers affect their business decisions. We show that a fund manager is more …

Abstract Using 1994–2009 data, we find that All-American (AA) analysts' buy and sell
portfolio alphas significantly exceed those of non-AAs by up to 0.6% per month after risk …