We show that analysts incorporate geographically dispersed information about firms into individual forecasts and that limited analyst geographic diversity adversely affects consensus forecasts and firm liquidity. Using satellite imagery of U.S. retailers' parking lots, we find analysts shade...

This paper examines heterogeneity in blockholder monitoring across investor type. We document which blockholder types (e.g. mutual funds, hedge funds) are more likely to be associated with active monitoring and show that firms targeted by such blockholders are more likely to increase the equity...