In this study, we examine whether sell-side security analysts gain access to value relevant information through political connections. We measure analysts' political connections based on political contributions at the brokerage house level. We argue that if brokerages are able to obtain private...

Prior research suggests that various financial anomalies are related to investors' inability to process historical earnings and price information. In particular, analysts' failure to incorporate appropriately the serial correlation in earnings surprises provides at least a partial explanation...

We examine the association between investor expectations and its components and sell-side analysts' short-run quarterly earnings forecast bias and forecast accuracy. To measure investor expectations, we use the Index of Consumer Expectations (ICE) survey and decompose it into the...