Corporate tax avoidance is likely to be associated with a high level of earnings management and with high financial opacity in the time-series. On this basis, we hypothesize that analyst coverage is negatively associated with corporate tax avoidance. Our results confirm this conjecture, and are...

Using a novel dataset containing the forecasts of both buy-side and sell-side analysts, and individual investors, we find that crowdsourced earnings forecasts are more accurate than expert forecasts of sell-side analysts. Examining the economic mechanisms that generate superior crowd forecasts,...

The paper finds that firms' exposure to temperature changes predicts stock returns. We use the sensitivity of stock returns to abnormal temperature changes to measure firm-level climate sensitivity. Stocks with higher climate sensitivity forecast lower stock returns. A trading strategy that...

We study the forecasting behavior of minority sell-side equity analysts. Distinct from the impact of cultural and geographic diversity, we demonstrate that, although minority analyst forecasts have lower accuracy, consistency in their forecasts generates stronger correlation between the...

This study examines whether sell-side equity analysts help the market assimilate information contained in global climate change. Using a new measure of firm sensitivity to climate change, we show that analysts located in states where firms exhibit greater sensitivity to abnormal temperature...