We document an improvement in analysts’ forecast accuracy following increased sector ETF ownership. We identify a possible channel for this result, i.e., because ETFs are more informative with respect to industry-level information, analysts learn directly and efficiently from ETFs about this...

In this study we extracted the linguistic tones of managers and analysts during earnings conference calls and compared the differences between them. We found that manager tones convey much more optimism (less pessimism) than their analyst counterparts and investors (particularly institutional...