This paper studies the impact of collective reputation on the reporting strategy of experts that face conflicts of interest. The framework we propose applies to different settings involving decision makers that rely on experts for making informed decisions, in particular we consider sell-side...

A large body of literature has tried to identify the relative information contributions of different characteristics - jointly or in isolation - to the cross-section of stock returns. These characteristics generally cover three data sources: market, fundamentals, and analyst recommendations. In...