... 2017 1 2020 2020 conference calls financial analysts corporate access price formation market microstructure bulls and bears Extant literature establishes that earnings conference calls have information content (e.g., Frankel, Johnson, and Skinner 1999 ; Bowen, Davis...

... financial analysts incentives trading strategy market efficiency Sell-side financial analysts provide target prices to quantify the investment potential of a stock. Yet prior literature finds that analysts' target prices are generally inaccurate and optimistically biased (e.g., Bradshaw, Brown...

... spillover: communication through common institutional clients, which suggests that embedded financial analysts—those sharing close connections with firms and analysts—serve as a channel for disseminating proprietary, hard-to-verify information. JEL Classifications: G14; G15; M40; N25. Data Availability...

...Zhaoyang Gu; Zengquan Li; Yong George Yang; Guangqing Li ABSTRACT We examine how hometown, school, and workplace ties between financial analysts and mutual fund managers affect their business decisions. We show that a fund manager is more likely to hold stocks covered by analysts with whom she...

..., and University of Toronto. We are grateful for the financial support of the University of Florida. Editor's note: Accepted by Gregory S. Miller. April 2012 January 2014 2014 investor relations disclosure capital markets financial analysts...

... to hear analysts' questions during the discussion. Both these factors would result in a positive relation between analyst following and the relative information content of the presentation versus the discussion session. conference calls voluntary disclosure financial...