We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...

This paper examines the informativeness of analysts' target price forecasts by relating the investment value of target prices to their primary drivers. Decomposing target price forecasts into near-term earnings forecasts and price-to-earnings ratio forecasts, we show that target price revisions...

We examine an alternative and equivalent Black and Litterman [1992] formula using classical multivariate analysis which is easier to interpret and which allows more general view formulations than the original formula. Speci fically, the equivalent formula provides more intuitive explanation...