We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when such users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports....

This study investigates the mispricing of market-wide investor sentiment by exploring the relation between sentiment and investor expectations of future earnings. Prior research argues that sentiment-driven mispricing should be most pronounced for hard-to-value firms, such as those reporting...

This study investigates the mispricing of market-wide investor sentiment by exploring the relation between sentiment and investor expectations of future earnings. Prior research argues that sentiment-driven mispricing should be most pronounced for hard-to-value firms, such as those reporting...

In the 2000's large hedge funds became major investors in illiquid assets. When returns were steady, inflows and outflows of capital balanced each other out. But, in 2008 and 2009 investors removed capital at rapid rates despite depressed prices. In this paper we develop a Bayesian model where...