Purpose – The purpose of this paper is to study the relation between financial analysts’ ratings of firms’ disclosure policies and the intraday pattern in spreads between specialists’ bid and ask price quotes. Design/methodology/approach – Measure of the disclosure policy is based on...

Purpose – The purpose of this paper is to study the relation between financial analysts’ ratings of firms’ disclosure policies and the intraday pattern in spreads between specialists’ bid and ask price quotes. Design/methodology/approach – Measure of the disclosure policy is based on...

This study examines how the quality of corporate disclosures impacts the precision of information that financial analysts incorporate into their forecasts of upcoming annual earnings. Our empirical measures distinguish between the precision of individual analysts' common and idiosyncratic...

This study examines how the quality of corporate disclosures impacts the precision of information that financial analysts incorporate into their forecasts of annual earnings. Our empirical measures distinguish between individual analysts' common and idiosyncratic (uniquely private) information...

This study examines whether and why the stock market assigns an incremental premium to the act of beating analyst earnings forecasts when the economy is unforecastable. Our study uses a novel measure of macroeconomic (macro) uncertainty from Jurado et al. (2015) that captures periods during...