The literature examining analyst activity assumes that access to management is valued by analysts and their employers. We propose a readily observable measure of access: how often an analyst is invited to be among the first to ask questions in the Q&A session of an earnings conference call....

We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...

The finite sample performance of the Wald, Generalized Method of Moment (GMM) and Likelihood Ratio (LR) tests of multivariate asset pricing tests have been investigated in several studies on the US financial markets. This article extends this analysis in two important ways. Firstly, considering...