Using hand-collected information, we find that analysts who own stock in a company they follow make more informative recommendations and exert more effort in covering the company. However, we also find that analysts with stock ownership issue more optimistic target price forecasts. These...

Using 2020-2021 data from social media platform Reddit, we examine connections among stockprices, retail trading, short-selling and social media activity. Higher Reddit traffic, more positivetone, and higher Reddit connectedness predict higher returns, greater and more positive retail orderflow,...

Using standardized abnormal turnover to proxy for disagreement, we find that cryptocurrencies with high disagreement experience significantly lower future returns that cannot be explained by common risk factors and various coin characteristics. In addition, we show that (i) when short-sale...

Researchers have traditionally inferred analysts’ coverage initiations using an analyst’s and/or a broker’s first recommendation for a firm in IBES. Using a large hand-collected sample of analyst reports announcing coverage initiations, we document that 17% of the traditionally-inferred...

This paper examines the practice of hiring financial analysts as investor relations officers (IRO). We posit that analysts-turned-IROs (AIROs) have a competitive advantage in communicating with investors, thereby lowering the effort expended by the investment community to process corporate...

This paper examines the practice of hiring financial analysts as investor relations officers (IRO). We posit that analysts-turned-IROs (AIROs) have a competitive advantage in communicating with investors, thereby lowering the effort expended by the investment community to process corporate...