We investigate whether and to what extent aggregate earnings forecasts by sell-side analysts and forecasts of macroeconomic indicators by economists convey different information about the macroeconomy, and whether such differences have implications for forecast efficiency and the stock market....

We study how institutional investor attention to a firm affects the timeliness of analysts' forecasts for that firm. We measure abnormal institutional attention (AIA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely...