We examine how research posted by “social media analysts” (SMAs)—individuals posting equity research online via social media investment platforms—is related to research subsequently produced by professional sell-side equity analysts. Using data from Seeking Alpha, we find that the market...

Prior research documents that managers respond to an exogenous decrease in analyst coverage by increasing the quantity of earnings forecasts, presumably to fill the information void left by a reduction in coverage. I extend this research by considering management forecast quality and an...

We examine the impact of “social media analysts,” individuals posting equity research online via social media investment platforms, on the relevance of research produced by professional sell-side equity analysts. Using data from Seeking Alpha, we find that the market reaction to sell-side...

Research suggests certain investors face significant information disadvantages, particularly during earnings announcements. We investigate whether financial analysis on Seeking Alpha, a prominent social media platform hosting original financial analysis, can mitigate this disadvantage. First, we...

We study financial analysts’ role in influencing managers’ ability to learn from stock prices to make investment decisions. Our findings suggest that analysts increase managerial learning from prices. This effect is more pronounced when analysts are of higher quality, when the firm’s...