We examine whether and how the general supply of firm information via media news sources influences equity analysts' earnings forecast revisions (EFRs). Combining large databases of U.S. firm-specific public news stories and individual sell-side equity analysts' EFRs from 2000 to 2010, we find...

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...