Between 2009 and 2013, Theflyonthewall.com (FLY) leaks 58% of recommendation revisions with a median delay of 27 minutes relative to the I/B/E/S announcement time. We show FLY improves price discovery, but leaked recommendations hamper the ability of brokers to offer price improvement on trades...

We examine the effects of broker geography, i.e., the location of a brokerage’s financial advisor workforce, on the geography of retail trading in the stocks that the broker’s analysts cover. We find that retail investors are significantly more likely to trade and own stocks that are covered...