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...

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...

This paper shows that a largely-ignored source of commonality - correlated errors in news about fundamentals - is an important, rational determinant of excess comovement. Individual analysts' forecast errors tend to be correlated across stocks. Using a proxy for correlated forecast errors based...

Recent literature has used analysts' earnings forecasts, which are known to be optimistic, to estimate implied expected rates of return; yielding upwardly biased estimates. We estimate that the bias, computed as the difference between the estimates of the implied expected rate of return based on...