<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Regulation Fair Disclosure (FD), imposed by the Securities and Exchange Commission in October 2000, was designed to prohibit disclosure of material private information to selected market participants. The informational advantage such select participants gain is unclear. If multiple...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We examine the effects of analysts' celebrity on investor reaction to earnings forecast revisions. We measure celebrity as the quantity of media coverage analysts receive in sources included in the Dow Jones Interactive database, and find that media coverage is positively related to...