Hong and Kacperczyk (2010) document that decreases in analyst competition due to broker mergers encourage analysts to please managers, leading to greater consensus optimism bias. We propose three additional effects of analyst competition. The analyst effort hypothesis suggests that weaker...

Hong and Kacperczyk (2010) document that decreases in analyst competition due to broker mergers encourage analysts to please managers, leading to greater consensus optimism bias. We propose two addition effects of analyst competition. The hardworking hypothesis suggests that lower competition...

Strategy changes are an essential part of evolutionary games. Here we introduce a simple rule that, depending on the value of a single parameter w, influences the selection of players that are considered as potential sources of the new strategy. For positive w players with high payoffs will be...