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...

We study a model where investment decisions are based on investors' information about the unknown and endogenous return of the investment. The information of investors consists of endogenously determined messages sold by financial analysts who have access to both public and private information...

Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In addition, little evidence exists on the benefits of comparability to users. This study attempts to...