Using a unique proprietary account-level trading dataset in China, we investigate how active information acquisition alleviates price-based return comovement, a typical anomaly in stock splits. We find that: 1) individual trading drives the comovement and the trading correlation between split...

We investigate the causal impacts of air pollution on analyst forecast accuracy around earnings announcements. Using the air quality index in analyst workplaces, we provide direct evidence of the following. First, air pollution significantly reduces analysts' earnings forecast accuracy in...

We explore how institutional and individual investors respond to analyst recommendations. Using a unique account-level trading dataset from the China, we find that 1) institutions are significantly net buyers (net sellers) on “strong buy” and “buy” (“hold” and “sell”)...