Investor Demand for Sell-Side Research

• 成果类型: Article
• 署名作者: Lawrence, Alastair; Ryans, James P.; Sun, Estelle Y.
• 署名单位: University of California System; University of California Berkeley; University of London; London Business School; Boston University
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr-51525
• 发表日期: 2017
• 页码: 123-149
• 关键词: STOCK RECOMMENDATIONS; information-content; FORECAST REVISIONS; Analyst forecasts; business press; determinants; news; CONSEQUENCES; Sentiment; accuracy

摘要

We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and management guidance days, this preference is reversed. Moreover, the demand for analyst information substantially trumps that of SEC filings and financial statement information.