This paper examines the effect of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European Union on financial analysts' information environment. To control for the effect of confounding concurrent events, we use a control sample of firms that had already...

Researchers have traditionally inferred analysts’ coverage initiations using an analyst’s and/or a broker’s first recommendation for a firm in IBES. Using a large hand-collected sample of analyst reports announcing coverage initiations, we document that 17% of the traditionally-inferred...

Using hand-collected information, we find that analysts who own stock in a company they follow make more informative recommendations and exert more effort in covering the company. However, we also find that analysts with stock ownership issue more optimistic target price forecasts. These...

While a large literature has examined analysts’ earnings forecasts or stock recommendations in isolation, there is little research on the effectiveness with which analysts translate their earnings forecasts into recommendations (referred to as translational effectiveness). This study provides...