While a firm's success increasingly relies on technological innovation, little is known, however, about whether and how analysts utilize information about a firm's technological innovation for their information production. We construct technological expertise for each analyst-firm pair based on...

We examine the organizational choice and innovative activity of technology conglomerates—firms that explore different technology fields with heated inventive activity. We develop a measure of firm-to-economy technological proximity to capture the extent of a firm's technology conglomeration....