Sell-Side Analysts' Benchmarks Available to Purchase

We thank two anonymous reviewers, David Aboody, Mark T. Bradshaw (editor), Roby Lehavy, Joshua Livnat, Roni Michaely, Brian Rountree, Kent Womack, Pei-Fang Hsieh, Roger Loh, Jialing Yu, Xiaoyun Yu, seminar participants at Case Western Reserve University, New York University, Washington University in St. Louis, The Ohio State University, and conference audiences at the 2012 IDC Summer Finance Conference, the 2012 FARS Section Meeting, the 2012 FIRS Conference, the 2012 Asian Finance Association Conference, the 2012 FMA Annual Meeting, the 2013 AFA Annual Meeting, the 2013 Financial Economics and Accounting Conference, the 2013 CICF Conference, the 2013 SMU Summer Camp, the 2013 EFMA Annual Meeting, the 2014 WFA Annual Conference, and the 2014 EFA Conference for helpful comments and suggestions.

Editor's note: Accepted by Mark T. Bradshaw, under the Senior Editorship of Mark L. DeFond.