We use a proprietary dataset to test the implications of several asymmetric information models on how short-lived private information affects trading strategies and liquidity provision. Our identification rests on information acquisition before analyst recommendations are publically announced....

Despite broad interest in analysts' activities, our understanding of sell-side analysts as a collective group is limited. This paper examines changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination. Changes in the number of analysts...

Policymakers fear artificial intelligence (AI) will disrupt labor markets, especially for high-skilled workers. We investigate this concern using novel, task-specific data for security analysts. Exploiting variation in AI's power across stocks, we show analysts with portfolios that are more...

Using the passage of Global Settlement as an exogenous shock, we show that disclosure requirements about analysts' recommendation distributions incentivize analysts to manage their recommendation distributions to reduce concerns about perceived objectivity. Following the regulation, analysts...

We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively affect the quality of the...