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...

We use minute-by-minute Bloomberg online status microdata during 2017-2021 to directly study how hard and soft information collection affects equity analyst performance. Collection of hard information, proxied by office workday length, is positively associated with the quantity and timeliness of...

We provide novel evidence that equity investors react to currency shocks with a delay. Using the cross-section of currency returns and the relative presence of U.S. multinational firms in foreign economies, we compute a foreign operations related exchange shock (FOREXS) measure. We find FOREXS...

We use minute-by-minute Bloomberg online status data to characterize two important dimensions of sell-side equity analysts' work habits: we estimate the average workday length (AWL) to proxy for analysts' general effort provision and we use the percentage away day (PAD) to proxy for their soft...