Using the first and recently available universe of dark pool trading in the U.S. from FINRA, we document trading patterns around scheduled and unscheduled corporate information events. We find that there is more trading in dark pools in the week of earnings announcement as well as analyst...

This paper documents how analyst recommendations are related to periods of bubbles. We find a strong positive relation between the concentration in analyst buy recommendations and bubble continuation in two settings. First, we show a positive association between the concentration in buy...

We explore a large sample of analysts’ estimates of the cost of equity capital (CoE) to evaluate their usefulness as expected return proxies (ERP). We find that the CoE estimates are significantly related to a firm’s beta, size, book-to-market ratio, leverage, and idiosyncratic volatility...

We explore a large sample of analysts' estimates of cost of equity capital (CoE) revealed in analysts' reports to evaluate their determinants and ability to capture expected stock returns. We first document that CoE estimates are more likely to be provided by less experienced and less busy...