Investor relations represents a firm's commitment to communicate effectively with the external community which includes investors and analysts and both mandatory and voluntary information release is expected to reduce information asymmetry. We investigate the effects of disclosure quality on...

Sell-side securities analysts who recommend stocks that they own have a conflict of interest. If investors buy the stocks in response to the analysts' recommendations, the stocks' prices will rise, increasing the analysts' personal wealth. Thus, analysts are legally required to disclose...

We use analyst earnings forecasts as a setting to examine a fundamental question concerning the effect of a public information release on announcement-period information asymmetry. Prior literature documents an announcement-period increase in information asymmetry for earnings announcements and...