This paper investigates alternative models of learning to explain changes in uncertainty surrounding earnings innovations. As a proxy for investor uncertainty, we use model-free implied volatilities; as a proxy for earnings innovations, representing signals of firm performance likely to drive...

We estimate the effect of information and ability spillovers on sell-side analysts' quarterly EPS forecast accuracy. Using a model that relates mean peer group ability along with the analyst's own ability to the analyst's forecast accuracy, we find that spillovers from peer analysts are large,...

This paper investigates the factors that drove the U.S. equity market returns from 2007 through early 2010. The period was highlighted by volatile energy and commodity prices, the collapse of insurance and banking firms, extreme implied volatility and a subsequent rally in the overall market. To...