We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information...

We examine the impact of Seasonal Affective Disorder (SAD) on financial analysts. We hypothesize and find that analysts are more pessimistic, less precise, and more asymmetric in their boldness in the fall, as indicated by their forecasts of quarterly earnings. The effects are apparent in all...

We examine the effect of short selling on analyst forecast quality. Using the removal of the tick test from Regulation SHO, we find that increased ease of short selling improves analyst earnings forecast quality. Examining underlying mechanisms for the improvement, the evidence is consistent...