Serafeim, George; Yoon, Aaron - 2020 - This draft: October 2020
consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters …. Relation between news and market reaction is moderated by the consensus rating. In the presence of high disagreement between … stock returns. Overall, while rating disagreement hinders the incorporation of value relevant ESG news into prices, ratings …