We explore the role of foreign directors in mitigating the effects of supply chain disruptions caused by economic policy uncertainty (EPU) spikes in their home countries. Using a large sample of global supply chain relationships of US manufacturing firms, we show that the likelihood of a US...

In September 2009, Thomson Reuters (TR) discontinued its practice of relying on analysts to determine the treatment of unexpected charges and gains in favor of their immediate exclusion from GAAP earnings. Adopting a difference-in-differences approach, we show that this plausibly exogenous...

We examine whether the information conveyed in a relatively new analyst research output—capital expenditure (capex) forecasts—affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the...

We examine whether analysts tip investors during investor conferences. We find that conference-day abnormal returns of a presenting company are about 0.6% higher when the conference is hosted by an analyst who will initiate coverage with a Buy recommendation than when the conference is hosted by...

We examine the influence of investor conferences on firms' stock liquidity. We find that firms participating in conferences experience a 1.4% to 2.8% increase in stock liquidity compared to non-conference firms. Consistent with investor conferences improving firm visibility, the increase in...

Combining a large archive of public corporate news events with retail trading records from NYSE, we examine whether and how news releases affect the informedness of individual investors. We find a significantly positive relationship between retail order imbalance on days with positive news...

We examine whether access to management at broker-hosted investor conferences leads to more informative research by analysts. We find analyst recommendation changes have larger immediate price impacts when the analyst's firm has a conference-hosting relationship with the company. The effect...

We examine whether boardroom connections help managers identify non-fundamental price shocks. We find that managers of well-connected firms are less likely to cut investment in response to exogenous non-fundamental drops in stock prices. Moreover, firms with stronger corporate governance and...

We present new evidence that highlights the role of information intermediaries in the distribution and processing of earnings estimates in capital markets. We find that the time taken to activate an analyst's earnings forecast in the Thomson Reuters Institutional Brokers' Estimate System is...