Several studies have indicated that textual tones in analysts' reports, a representative qualitative output of analysts' reports, possess informational value. In this study, I clarify incremental information in the report tone. I predict a report tone as holding fundamental information that...

A large body of research studies shows that the quantitative outputs of analyst reports (e.g., earnings forecasts and recommendations) have informational value. In this study, by analyzing the textual tone of headlines in analyst reports, I reveal that textual opinion in the reports – a...

The extant research indicates that analysts' long-term earnings growth forecasts are especially optimistic for past winners, and have little predictive power to distinguish between high-growth and low-growth firms. In explaining the poor informational value of analysts' long-term earnings growth...