We identify analysts' information acquisition patterns by linking EDGAR server activity to analysts' brokerage houses. Analysts rely on EDGAR in 26% of their estimate updates with an average of eight filings viewed. We document that analysts' attention to public information is driven by the...

A firm’s regulatory environment is shaped by the quantity of regulation, the topics that are regulated, and the agencies promulgating regulation. Each dimension of the regulatory environment affects the costs and benefits an analyst faces in developing forecasts, which affects their forecast...