We propose that syndicate pressure distorts unaffiliated analysts' incentive to produce information. To examine this newly proposed conflict of interest problem, we separate unaffiliated analysts into two types. The first type is the analysts employed by syndicate banks, which do not have direct...

Consistent with the monitoring role of analysts, we find work-related injury rates are negatively related to higher levels of analyst coverage. This result is robust to approaches designed to mitigate endogeneity concerns and is stronger in industries where unions are less powerful, for firms...

Using staggered climatic disasters in the U.S, we find that earnings forecasts by analysts who experienced a major climatic disaster become less accurate than those by the unaffected analysts within three months after the disaster due to distracted attention. Stock prices respond less strongly...