Short selling plays a unique role in financial markets. Short selling's institutional structure is
distinct from other types of trades, and short sellers have been shown to be more informed …

Combining monthly survey data with matching trading records, we examine how individual
investor perceptions change and drive trading and risk-taking behavior during the 2008 …

This paper develops a taxonomy of research examining the role of financial analysts in
capital markets. The paper builds on the perspectives provided by Schipper [Schipper …

We develop a dynamic model of belief dispersion with a continuum of investors differing in
beliefs. The model is tractable and qualitatively matches many of the empirical regularities in …

Miller [1977. Risk, uncertainty, and divergence of opinion. Journal of Finance 32, 1151–
1168] hypothesizes that prices of stocks subject to high differences of opinion and short …

The article develops a dynamic model that nests the rational expectations (RE) and
differences of opinion (DO) approaches to study how investors use prices to update their …

Numerous proxies for divergence of investors' opinions have been suggested in the
empirical accounting and finance literatures. I offer a new proxy constructed from proprietary …

This paper studies the influence of executive verbal communication on the convergence of
investors' opinions, defined as reduction of differences in investors' valuations. Building on …

We provide evidence that analyst coverage increases as accruals quality decreases. This
finding is consistent with the services of financial analysts becoming more valuable and in …

We collect a unique dataset of Twitter posts to examine the change in investor disagreement
around earnings announcements. We find that investors' opinions can either converge …