Initial Coin Offerings (ICOs) provide a clean opportunity and rich data to study the contribution of analysts to the functioning of capital markets. The assessments of freelancing ICO analysts vary in quality and exhibit biases due to the reciprocal interactions of analysts with ICO team...

This study examines how the quality of corporate disclosures impacts the precision of information that financial analysts incorporate into their forecasts of upcoming annual earnings. Our empirical measures distinguish between the precision of individual analysts' common and idiosyncratic...

In this study we examine changes in the precision and the commonality of information contained in individual analysts' earnings forecasts, focusing on changes around earnings announcements. Using the empirical proxies suggested by the Barron et al. (1998) model that are based on the...

Freelancing human experts play an important role in Initial Coin Offerings (ICOs). Expert ratings partially reflect the reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend to fail when more ratings reciprocate prior...

How to quantify the informational content of analyst reports? In this short methodological paper, we propose a measure of information contribution (IC), defined in the spirit of Shapley values. We use natural language processing to identify topics for over 90,000 analyst reports for S&P 500...

The extant research indicates that analysts' long-term earnings growth forecasts are especially optimistic for past winners, and have little predictive power to distinguish between high-growth and low-growth firms. In explaining the poor informational value of analysts' long-term earnings growth...

The business press generally reports news in quarterly earnings announcements based on the difference between actual earnings and two salient benchmarks: earnings of the same quarter in the previous year, and a consensus drawn from a distribution of forecasts by financial analysts. We evaluate...

A large body of research studies shows that the quantitative outputs of analyst reports (e.g., earnings forecasts and recommendations) have informational value. In this study, by analyzing the textual tone of headlines in analyst reports, I reveal that textual opinion in the reports – a...

Several studies have indicated that textual tones in analysts' reports, a representative qualitative output of analysts' reports, possess informational value. In this study, I clarify incremental information in the report tone. I predict a report tone as holding fundamental information that...

This study investigates the relationship between the comprehensibility of a firm's annual report and its stock return synchronicity in the Indian market. The study employs the readability of annual reports as a measure for the cost of information processing. The findings suggest that firms with...