This study examines analyst information intermediary roles using a textual analysis of analyst reports and corporate disclosures. We employ a topic modeling methodology from computational linguistic research to compare the thematic content of a large sample of analyst reports issued promptly...

We document that textual discussions in a sample of 363,952 analyst reports provide information to investors beyond that in the contemporaneously released earnings forecasts, stock recommendations, and target prices, and also assist investors in interpreting these signals. Cross-sectionally, we...

This study examines individual analysts' relative strengths in earnings forecasting skill and stock picking skill. We define analysts with skill specialization when he has one skill substantially stronger than the other, and analysts with non-specialization when he has balanced skills. We follow...

In this paper, we examine whether sell-side financial analysts show a bias when translating their soft information into a hard format. Sell-side analysts produce both soft research output, in the form of a textual report, and hard research output, including earnings forecasts, target prices, and...

This paper investigates the effects of financial analysts' technical and social skills on their performance and career advancement. Using financial analysts' LinkedIn profiles, we find that analysts with strong technical skills endorsed by LinkedIn connections generate more accurate earnings...

Although macroeconomic news has a major impact on corporate earnings, anecdotal evidence suggests that financial analyst research is inefficient with respect to such news. Examining analysts' earnings research, we find that they underreact to negative macroeconomic news. Analysts are not all...