We investigate the role of financial analysts as providers of competitive information to the firms they cover. Using analyst coverage overlaps as a proxy for the information set possessed by analysts and patent citations as a proxy for spillovers of information about technology and industry...

We examine whether the simultaneous release of information affects managers' ability to gather decision-relevant information from market prices. We use the plausibly exogenous timing of patent grant disclosures by the United States Patent and Trademark Office as a source of variation in the...