In this paper, we study whether firm intangible information affects analyst behavior. We find direct evidence that when analysts make more judgment-intensive decisions, such as issuing stock recommendations, they overweight intangible information, leading to overreaction to intangible...

The extent to which financial analysts provide ‘herd' rather than ‘bold' (or anti-herd) earnings forecasts has important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can lead to policies to help reduce such harmful conduct....

Standard setters struggle with the costs and benefits of separate recognition of intangible assets in business combinations. In this study, we experimentally show that separately identifying intangibles enables investors to more easily envision how an acquiring company can benefit from an...