We use recent European restrictions to evaluate how traders substitute across available dark pools. Our findings suggest that restricting dark trading at the most prominent platform has a detrimental effect on dark trading activity. Annual dark trading in a restricted stock decreases by more...

A great number of academic papers evaluate the potential for incentive-driven bias in sell-side analysts' earnings forecasts. Yet bias does not necessarily invalidate a forecast, nor does it impinge on its relative quality. We find that analysts' forecasts are optimistic relative to recently...

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 (reduced disagreement) or diverge (increased disagreement) around earnings announcements. The convergence and divergence...