We develop and implement methods for determining whether introducing new securities or relaxing investment constraints improves the investment opportunity set for prospect investors. We formulate a new testing procedure for prospect spanning for two nested portfolio sets based on subsampling and...

We examine employees' business outlooks (EBO) from Glassdoor.com, an online job search and employee review platform. We find that EBO and their seasonally adjusted changes are positively associated with one-quarter-ahead analysts' earnings forecast revisions and forecast errors. This former...