We examine a routine and timely disclosure, earnings press releases, to determine the extent to which several novel qualitative elements of such disclosures are associated with changes in sell-side financial analysts' information environment. Using a comprehensive set of GARCH-based (generalized...

Companies' earnings conference calls are perceived to be venues for sell-side equity analysts to ask management questions. In this study, we examine another important conference call participant — the buy-side analyst — that has been underexplored in the literature due to data limitations....

We assess several aspects of analysts' forecasting performance for stocks included in Business Week's annual list of 100 “hot-growth” companies. We find that analysts underestimate earnings on average before stocks are included in the list, and that they tend to overestimate them afterward....