I study the association between revisions in analysts' consensus earnings forecasts and credit rating actions. Controlling for other information in the market, downwardly (upwardly) revised analyst consensus is associated with a higher likelihood of credit rating downgrades (upgrades) relative...

While a firm's success increasingly relies on technological innovation, little is known, however, about whether and how analysts utilize information about a firm's technological innovation for their information production. We construct technological expertise for each analyst-firm pair based on...

In this paper, we examine how economy-wide sentiment, measured by the University of Michigan's Consumer Sentiment Index, affects analysts' research activities. Using a firm-fixed effects design, we find that consumer sentiment, notably the component related to economic fundamentals, is...

Using a sample of firms that have consecutive earnings growth for more than 20 quarters (earnings strings), I assess the relationship between earnings persistence and the extent to which investors are able to anticipate breaks of earnings strings. I find that firm-specific earnings persistence...