Previously, academics have used the supply of information that arrives to market (e.g., macroeconomic announcements …, earnings reports, or news releases) to study how information affects asset prices and anomalies, and for tests of market … efficiency. In this paper, we instead use measures of institutional and retail demand for information. We show that institutional …

information collection affects equity analyst performance. Collection of hard information, proxied by office workday length, is … positively associated with the quantity and timeliness of analyst reports. Soft information collection, as proxied by propensity … star analyst. Both hard and soft information collection improve forecast precision, a causal result that we confirm using …