We explore how institutional and individual investors respond to analyst recommendations. Using a unique account-level trading dataset from the China, we find that 1) institutions are significantly net buyers (net sellers) on “strong buy” and “buy” (“hold” and “sell”)...

To examine the impact of limited attention on post-earnings announcement drift (PEAD), this study introduces inattentive investors with limited attention to an overlapping generations model based on the psychological view that individuals' attention is limited. We find that PEAD is driven by...

This study uses the staggered recognition of the Inevitable Disclosure Doctrine (IDD) by the United States state courts as an exogenous shock to human capital stability. Using a difference-in-differences (DiD) research design, we present evidence that financial analysts are likely to issue more...

We examine the effect of media competition on analyst forecast properties in an international setting using 113,436 firm-year observations from 32 countries spanning 2000 through 2012. We find that firms in countries with stronger media competition enjoy more accurate, less optimistically...