We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively affect the quality of the...

Advances in financial technology (FinTech) have revolutionized various product offerings in the financial services industry. One area of particular interest for this technology is the production of investment recommendations. Our study provides the first comprehensive analysis of the properties...

Despite broad interest in analysts' activities, our understanding of sell-side analysts as a collective group is limited. This paper examines changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination. Changes in the number of analysts...

Using the passage of Global Settlement as an exogenous shock, we show that disclosure requirements about analysts' recommendation distributions incentivize analysts to manage their recommendation distributions to reduce concerns about perceived objectivity. Following the regulation, analysts...

Changing economic conditions over the past two decades have created incentives for sell-side analysts to both provide their institutional clients tiered services and to streamline their written research process. One manifestation of these changes is an increased likelihood of analysts' issuing...