Information is the global currency of today and nowhere is it more true than in financial markets. Specialized agencies like Reuters, Bloomberg and Dow Jones invest large sums to develop the fastest, most accurate and most reliable systems of delivering thousands of news every day to investors...

Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's...